Karachi, January 01, 2020: HBL has become the first Pakistani bank to be awarded the much coveted branch license to offer financial services to clients in Beijing, China’s capital city.
The branch license was awarded by China Banking and Insurance Regulatory Commission (CBIRC) in December 2019. The preparatory work of setting up the HBL Beijing branch is now underway.
With approval from relevant regulators, the Beijing branch is expected commence offering a full range of products & service for HBL esteemed clients from the third quarter of 2020.
HBL remains grateful for the trust and confidence that SBP and CBIRC continue to repose, through the award of this license.
Upon commencement of business, Beijing branch will be HBL’s second branch in China; HBL already has a branch with RMB business license, in the city of Urumqi. HBL is the first and only bank from Pakistan and one of the three banks from the South Asia and MENA region to offer end-to-end RMB intermediation in China.
HBL’s presence in China will allow clients to interact with state-owned enterprises (SOEs) and leading financial institutions involved in CPEC and across Belt and Road Initiative (BRI) corridors.
China is going to be a very important country for Pakistan going forward, not only in terms of Pakistan business in China and CPEC, but also for Chinese companies working on projects in countries where HBL has branch network.
HBL is already the largest executor of CPEC related financing in Pakistan.