Bank of China becomes operational in Pakistan
ANI | Updated: Nov 07, 2017 18:09 IST
The Dawn quoted him as saying that the bank would strengthen the "brotherly relations" between the two countries in the financial sector.
Siqing also highlighted that the bank could help Pakistan effectively reap the benefits of Beijing's economic prosperity.
He also expressed hope that Pakistan would learn from BoC's expertise in the small and medium enterprises sector.
Speaking during the launch, Acting Chinese Ambassador to Pakistan Zhao Lijian said that the opening of the bank "marked the confidence of the Chinese corporate sector in Pakistan's economic situation."
President Mamnoon Hussain, who was also present on the occasion, expressed confidence that the newly-launched bank will help accelerate infrastructure development and overall economic growth of the country.
President Hussain assured the BoC of the continued support of the government and State Bank of Pakistan in expanding its operations in the country.
The BOC was allowed to commence banking business in Pakistan on September 19 this year.
The Industrial and Commercial Bank of China (ICBC) has already opened two of its branches in Karachi and Islamabad and is providing various services, including corporate finance, investment banking, foreign deposits, project loans, and working capital loans. (ANI)