A number of Pakistani banks are planning overseas expansion, especially in China. According to reports in Pakistani media, United Bank, Habib Bank and National Bank of Pakistan are looking at having presence in China, especially in the light of the growing trade and financing opportunities offered by China-Pakistan Economic Corridor (CPEC)-related activities. United Bank is said to be planning set up a full-fledged branch in China and will offer a complete product suit in line with the guidelines of the China Banking Regulatory Commission. The bank, the second-largest private sector bank in Pakistan, entered the Chinese market in 2007 through setting up representative office in Beijing. Habib Bank is also planning to have a branch in Urumqi, the capital of Muslims-dominated Xinjiang region, in the next few months. The bank had signed a $500 million agreement with the China Development Bank under which medium- and long-term foreign currency financing will be provided to a local financial institution. National Bank of Pakistan is also in the process of meeting the regulatory requirements of China and Pakistan to open a full-fledged branch in Beijing.
