The Bank of China has received a licence from the State Bank of Pakistan (SBP) to start banking operations in the country.
“The bank will commence its business in branch mode after meeting other regulatory requirements,” SBP said in a statement.
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Bank of China is the second Chinese lender to make a foray into Pakistan. In order to meet SBP’s minimum capital requirements, Bank of China will initially bring $50m.
In the long term, the Chinese bank plans to extend its footprint in Pakistan by setting up branches in the country’s major cities.
“The Bank of China aims to provide differential and specialized banking services to effectively serve the financing needs of China Pakistan Economic Corridor (CPEC) related projects by leveraging on its experience and global technology platform,” SBP noted.
Bank of China has presence in 50 countries worldwide, with 19 of them located across China’s ‘One Belt One Road’ initiative. The bank had 11,633 institutions including 644 in overseas markets at the end of 2015.
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