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HBL Goes China

Habib Bank Limited would be the first bank ever to open its branch in the state of China. Successful negotiations took place between the Ministry of Commerce and Chinese authorities, after which, an ease has been created in the regulations for Pakistan’s financial sector, hence, making it quite easier for HBL to start with its new branch in China. By doing this, HBL will become the first ever South Asian bank to open a division in China. So far, this branch is planned to get opened in China’s northwest city of Urumqi.

According to the Ministry of Commerce and HBL authorities, the bank opening has been approved by the Chinese authorities and so this Chinese branch would be operational by the end of 2016. These successful negotiations took place under the Trade and Investment Agreement 2009, where the area for Pakistan’s banking sector has been relaxed by curtailing the currency reserves limit from $20 billion to $15 billion.

With the help of this ease led by the Chinese authorities, HBL branch can successfully run for 3 years in China and it is only restricted to use Chinese currency for just one single year. Under the rules of agreement, both China and HBL have agreed to provide concessions to each in 11 sectors, which includes the banking sector as well. This is one major step towards the enhancement of trade facilitation amongst Pakistan and China. Both Pakistan and China shall be able to open letters of credit with HBL instead of a foreign bank.

Afreen is a young writer and visionary towards life predominantly. I believe that writing is similar to life; it inspires surprises and creates. Being a Literature Masters, I am passionate about viewing the world with literary spectacle. Solely in love with this beautiful part of Universe called Pakistan, I am creating words and ideas for CharchaGuru.

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HBL Goes China

Habib Bank Limited would be the first bank ever to open its branch in the state of China. Successful negotiations took place between the Ministry of Commerce and Chinese authorities, after which, an e...