Bank of China has been permitted to operate in Pakistan. The country’s central bank, the State Bank of Pakistan, gave its assent to the Chinese government owned bank to open its branches in the country. The central bank had issued a banking license to Bank of China in May 2017 and the bank has complied with the important regulatory and operational requirements necessary to commence banking business in Pakistan. This is the second Chinese bank to enter Pakistan. Pakistan expects that the bank’s entry will not only further strengthen the bilateral relationship between the two countries, but will also represent growing confidence of international investors on the country’s banking sector and the stable economic outlook. Bank of China aims to provide specialized banking services to serve the financing needs of China-Pakistan Economic Corridor (CPEC) related projects by leveraging on its experience and global technology platform.
