The Chinese government would grant National Bank of Pakistan an elementary license to develop a branch in Beijing this year. This is a step further to increase trade and accelerate development projects planned under CPEC.
The formal request given by NBP in form of a letter has been approved by China Banking Regulatory Commission.
The NBP’s Chief Representative, Chaudhary Muhammad Waseef Aslam said that “The NBP’s application seeking issuance of a preparatory license which is under process and we are hopeful to get a formal approval this year.”
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After the license is given, six to nine months would be given to establishing the branch. Waseef Aslam was confident to complete all arrangements in due time. Also, he told that NBP developed a Representative Office here in 1981 with the aim to enhance Sino-Pak trade and economic activities and to ensure that an effective business relationship with Chinese Financial Institutes is maintained. The next step to further enhance trade between Pakistan and China is to develop the bank’s branch in China.
He added, “We will facilitate and encourage joint ventures between quality business houses of the two countries for capacity building and transfer of technology.”
To a query, he responded by saying that for this entire project no consultant has been hired so a lot of money was saved. Currently, the bank is providing market research, consultation, and liaising services to Chinese and Pakistani clients.
Mr. Aslam also said “We have an association with Bank of China, ICBC, and Agricultural Bank of China, China Development Bank, China Construction Bank and China Exim Bank through contracts and Memorandum of Understanding (MoU).
The bank has 29 branches in 21 countries around the globe that include North America, Europe, Middle East, Central Asia, and South Asia. It set up its latest branch in Saudi Arabia.
Other than NBP, Habib Bank has already established its branches in China.