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Finance Minister Ishaq Dar met with Bank of China Chairman Tian Guo Li in Beijing, where the latter was invited to visit Pakistan to inaugurate bank’s first branch in Pakistan, expected to be set up in Karachi. The bank is expected to commence its business after meeting regulatory requirements, and is expected to start its operations in branch mode, said a statement released by SBP. The SBP statement added that BoC is a subsidiary of China Central Huijin, an investment arm of the Chinese government. BoC operates on mainland China and has footprints in more than 50 countries across the globe, with 19 of those countries located across China’s ‘One Belt One Road’ initiative. At the end of 2015, the bank had a total of 11,633 institutions including 644 in countries outside China. BoC is the fourth and fifth 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. 50 million to fulfill the minimum capital requirements of SBP. The long term objective of Bank of China is to increase its market penetration by opening branches in major cities of Pakistan while aiming to be one of the largest foreign banks in the country. The bank is the second Chinese bank entering the Pakistani market. As an Indian, I am happy to see development in Pakistan. This will eventually result in more economic cooperation between India and Pakistan. However, I wonder whether Pakistan is getting over dependent on china.
Thanks It would have been much much better if India and Pakistan could start a project like CPEC jointly. Not even now is too late if India joins CPEC it will not only insure stability if Pakistan but will also lift whole south asia poverty. I see huge potential in India. As for as dependency on China is concern, its mutual dependence I.
Welcome to the land of the pure, soil of the brave but a country run by highly corrupt and absolutely nepotism oriented “movers and shakers” in Islamabad. My message to the Chinese bank and its administration at this crucial juncture in time and history is to keep it up and hang on tough. When will China take over PIA and rename it CPEC Airways! And we sold one of our performing bank to the govt’s cronies for mere rs 1000. When this corruption end and improve the condition of ordinary citizen. Now HOPE is all we have.
It will easy for corrupt to launder money abroad through these foreign banks. Salaria, aamir Ahmad – You could perhaps the question about ‘believe’ to our corrupt leadership. And the answer may very well be, “In US Dollar We Trust. Good but Keep a check on over dependency Hope these silent moves aren’t part of bigger strategic plan TO BRING PAKISTAN IN DEBT FROM ALL CORNERS. China is a good counter weight to America.
Fast Interest rate is 8 percent. Each and every chineese dollar is a loan. This is what your news channels and news papers say. In any project it is essential to plan for the downside.