State Bank of Pakitan has awarded banking license to the Bank of China. After meeting regulatory requirements, the bank will start its branch mode operation in the country.
The Bank of China is a subsidiary of China Central Huijin, the investment arm of the government of China. Apart from operating in the Chinese mainland, it’s footprints can also be found in 50 countries where 19 of these countries are located across Chinese “One Belt One Road” initiative.
At the end of 2015, the bank had a total of 11,633 institutions, including 644 in overseas markets. Bank of China is the 4th and 5th largest global bank in terms of Tier-1 Capital and total assets, respectively and is also listed on the Shanghai Stock Exchange and the Hong Kong Stock Exchange.
State Bank in an announcement on Saturday revealed that the Bank of China would initially bring $50 million to meet the minimum capital requirement. As part of its long-term objective, the bank aims to be one of the largest foreign banks in the country and will open branches in major cities of Pakistan to increase its market penetration.
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 its experience and global technology platform.