As Pak China friendship is getting stronger, the world is witnessing more and more proofs of the sincerity and the strength of this friendship. CPEC is now followed by Bank of China (BoC) to let Pakistan meet the financing needs related to CPEC.
On 19 September 2017, Bank of China (BoC) was permitted to commence banking business in Pakistan.
On Tuesday, 7th November, at a ceremony held in Aiwan-e-Saddar in Islamabad President Mamnoon Hussain did officially inaugurate the operations of the Bank of China in Pakistan.
BoC is the second Chinese bank which has been allowed to operate in the country. The State Bank of Pakistan had issued a license to Bank of China in May this year.
By the year 2011, The Industrial and Commercial Bank of China (ICBC) had already opened its two branches in Karachi and Islamabad.
ICBC was providing various services in addition to services related to corporate finance, investment banking, foreign deposits, project loans, & working capital loans.
The BoC aims at providing specialized banking services to serve the financing needs of China-Pakistan Economic Corridor (CPEC) related projects in Pakistan, by leveraging on its experience and worldwide technology platform.
The Bank of China is a subsidiary of our friend country China Central Huijin, which is the investment arm of the Govt of China.
The BoC is going to become the 4th and 5th largest global bank in terms of tier-1 capital and total assets.
BoC has been listed on the Shanghai Stock Exchange and the Hong Kong Stock Exchange.
President of Pakistan, Mamnoon Hussain while addressing the opening ceremony of BoC expressed his confidence that the operations of Bank of China in Pakistan would help accelerate infrastructure development alongwith the overall economic growth of Pakistan.
According to President Mamnoon Hussain, Pakistan has become an attractive investment destination due to the business friendly policies of the country and it is an ideal location.
Mamnoon Hussain also termed that, in this very backdrop, there are blooming prospects for Bank of China to play its due role in the promotion of the business activities and provision of resources for developmental activities in different sectors in Pakistan.
He assured to the Bank of China that it will get each and every possible cooperation from the Govt of Pakistan and the State Bank in the endeavors of the bank.
Mamnoon Hussain also said that with the inauguration of Bank of China operations in the country, the joint dream of Pakistan and China to change their own destiny and the destiny of the region has come more closer to reality.
President of Pakistan also said that apart from conducive atmosphere for investors, Pakistan is also offering a wide consumer market.