Bank of China starts Pakistan operations

BOC

Karachi (Web Desk): The Bank of China officially commenced its operations in Pakistan with inauguration of its first branch in Karachi on Tuesday.

President Mamnoon Hussain, at a ceremony in Aiwan-e-Saddar in Islamabad formally inaugurated the Bank of China’s operations in Pakistan.

The BoC is a subsidiary of China Central Huijin, the investment arm of the Government of China. The BoC is the 4th and 5th largest global bank in terms of tier-1 capital and total assets, respectively. It is listed on the Shanghai Stock Exchange and the Hong Kong Stock Exchange.

Bank of China (BoC) was allowed to commence banking business in the Pakistan on September 19 2017. This is the second Chinese bank which has been allowed to operate in Pakistan. The State Bank of Pakistan had issued a license to BoC in May 2017.

The Industrial and Commercial Bank of China (ICBC) had already opened two of its branches in Karachi and Islamabad by 2011 and was providing various services including corporate finance, investment banking, foreign deposits, project loans, and working capital loans.

The BoC is a subsidiary of China Central Huijin, the investment arm of the Government of China.

The BoC is the 4th and 5th largest global bank in terms of tier-1 capital and total assets, respectively. It is listed on the Shanghai Stock Exchange and the Hong Kong Stock Exchange.

 

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