Beijing to see the opening of Pakistan’s first bank soon

Islamabad: The China Banking and Insurance Regulatory Commission (CBIRC) recently awarded a licence to the Habib Bank Pvt Ltd (HBL), allowing it to be the first Pakistani bank to open an official branch in Beijing — according to news sources.

This move has been hailed as a brilliant new development in the economic relations of the two countries, with the new HBL branch set to be built in Beijing. According to HBL officials, the preparatory work to set-up the new branch is currently underway and if relevant regulators approve then the new building is expected to be launched in the third quarter of 2020 — offering the locals a full range of products and services.

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HBL officials expressed their gratitude for the State Bank of Pakistan (SBP) and the CBIRC for placing their trust in the bank.

Once the new branch is launched, it will become HBL’s second outlet in China — as it already has a branch with an RMB business license in Urumqi city.

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The Bank’s presence in China will facilitate State-Owned Enterprises (SOEs) and all prominent financial institutions involved in the Belt and Road Initiative (BRI) and the China Pakistan Economic Corridor (CPEC).