Chinese bank to arrive soon

State Bank of Pakistan assures extension of support.

BEIJING: The State Bank governor has expressed hope that the Industrial and Commercial Bank of China (ICBC) will open its first branch in Pakistan by next year.

“Setting up of the ICBC branch, one of the largest banks of China, will help in further expanding banking cooperation,” Governor State Bank of Pakistan (SBP) Shahid Hafiz Kardar said during an interview with APP on Wednesday.

“It will also help in expanding trade between Pakistan and China.”

The governor highlighted that he enjoyed a very productive meeting with senior Chinese officials pertaining to strengthening cooperation in the banking sector.  “I have had a meeting with Vice Governor of Peoples Bank of China Xu Xiaulian,” he said.

The director general and senior officials of the Peoples Bank of China and the economic minister at Pakistan’s embassy Sardar Aminullah Khan also attended the meeting.

Kardar, who was in Beijing to attend an annual conference of the International Finance Forum, added that the State Bank would extend all support required for setting up the branch.

Published in The Express Tribune, November 11^th, 2010.