The State Bank of Pakistan (SBP) has given the go-ahead to Bank of China to start banking operations in the country.
The move comes after the Chinese bank adhered to all regulatory and operational requirements of Pakistan’s central bank.
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Bank of China, an affiliate of China Central Huijin, is the second Chinese bank to set up a presence in Pakistan. The bank has operations in 50 countries across the globe, including 19 across the Chinese “One Belt One Road” initiative.
Through its Pakistan branch, the bank plans to offer specialised banking services for China Pakistan Economic Corridor (CPEC) related projects.
“The Bank of China’s entry into Pakistan will not only further strengthen the bilateral relationship of Pakistan and China but will also represent growing confidence of international investors on the country’s banking sector and the stable economic outlook,” the central bank of Pakistan said in a statement.
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