HBL to open a branch in Beijing in the month of February.
As per the shared details, the Habib Bank Limited (HBL) Beijing branch is expected to commence its operation and offer a full range of products and services in February this year, an official of the branch said on Thursday.
Its head office will allocate to the Beijing Branch in a freely convertible currency equivalent to RMB 300 million, in which the foreign exchange working capital is no less than convertible currencies on a par with RMB 200 million, as per an approval released by the Beijing Office of China Banking and Insurance Regulatory Commission.
“As HBL’s management bank in China, Beijing branch will make full use of the capital city’s advantages in geographical location, market resources, and human resources, lay a solid foundation of strategic development for the head office, and focus on government-owned enterprises and organizations in a bid to expand footprint in the country,” the branch official told China Economic Net (CEN).
The Beijing branch will be HBL’s second branch in China as it has already opened a branch in 2017 with an RMB business license in the city of Urumqi, Northwest China’s Xinjiang Uygur Autonomous Region.
Touching on the significance of the Beijing branch, the official said HBL has always attached great significance to the Chinese market and its overseas branches are in high coincidence with countries along the Belt and Road routes.
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