Bank of China launches operations in Pakistan

ISLAMABAD -- The Bank of China on Tuesday started its operations in Pakistan by opening its first branch in the country's southern port city of Karachi.

The launching ceremony was held in Islamabad, and it was attended by the Pakistani President Mamnoon Hussain, Zhao Lijian, Chargé d'Affaires of the Chinese embassy in Islamabad, businessmen and officials.

Addressing the inauguration ceremony, the Pakistani president said it is a memorable event in the everlasting friendship between Pakistan and China, the two iron brothers. The president hoped that operations by Bank of China in Pakistan will further speed up the pace of trade and economic cooperation between the two countries, adding "this will lead to further improvement in national growth rate, and the business community will be in a better financial position to avail facilities."

Promising to provide full support to the Bank of China, Hussain said the China-Pakistan Economic Corridor has created attractive opportunities in the banking field in Pakistan so that this sector could play its role in providing the required resources for promoting commercial activities and developing infrastructure.

On the occasion, Zhao Lijian hailed the selfless dedication and hard work of the Chinese and Pakistani peoples, which helped China and Pakistan make remarkable achievements in economic construction and development. He said Pakistan's economy was picking up quickly and the opening of Bank of China marked the confidence of Chinese corporate sector in Pakistan's economic situation.

Zhao believed that with the active efforts of the group of the Karachi Branch, Bank of China would continue to expand its business scale and enhance its business coverage, so as to serve its customers in China and Pakistan.

This is the second Chinese bank which started its operations in Pakistan. Earlier, the Industrial and Commercial Bank of China opened two branches in Karachi and Islamabad.