Projects in Pakistan: ICBC committed to playing effective role, says Zheng

Meets SBP deputy governor, elaborates strategic vision.

KARACHI: Industrial Commercial Bank of China Group (ICBC) Senior Executive Vice President Zheng Wanchun has said ICBC is committed to playing an effective role in the successful implementation of mega infrastructure projects in Pakistan, according to a statement released by the State Bank of Pakistan (SBP) on Thursday.

Zheng met SBP Deputy Governor Saeed Ahmad, who acknowledged consistent support of China in diverse areas like energy, infrastructure development, trade and commerce. The deputy governor said cooperation in the banking sector speaks volumes about the extent of close friendship the two countries enjoy. ”We value ICBC’s presence and operations in Pakistan,” Ahmad said.

The ICBC Group currently operates through 17,245 branches in China and 329 overseas institutions in 40 countries. The group is conducting its business in Pakistan through its branches since the commencement of its operations in August 2011 in Karachi and Islamabad and its sales and service centre in Lahore.

Zheng elaborated the strategic vision of the ICBC for its Pakistan operations and thanked the SBP for its continued support for the first and the only Chinese bank in Pakistan.

The statement said the two officials also discussed mega projects, like the nuclear power plant in Karachi with Chinese assistance and the award of 4G licence to a China-based cellular company. “The Pakistan-China economic corridor ending at Gwadar is expected to have a substantial impact with industrial estates being established alongside,” said Ahmad added.

Zheng told the deputy governor that 19 major Chinese groups will be involved in the project. “All of these group companies are clients of the ICBC in China,” Zheng said, adding that it will be natural for these companies to have business relationship with ICBC Pakistan.

Published in The Express Tribune, May 9^th, 2014.

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