Saturday, July 24, 2021

HBL becomes the first Pakistani bank to open its branch in Beijing, China

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Habib Bank Limited (HBL), one of Pakistan’s largest private banks, opened its branch in Beijing, joining a small club of foreign banks operating in the country.

HBL has become one of three banks in South Asia and the Middle East, and the North African region to offer “end-to-end services” in China.

Customers, regulatory authorities, and bank executives from across the HBL international network attended the Beijing HBL opening ceremony.

From Pakistan, Deputy Governor of the State Bank of Pakistan (SBP), Jameel Ahmad, HBL President Sultan Ali Allana, HBL President, and CEO Muhammad Aurangzeb, along with senior executives and HBL customers, practically joined the ceremony.

Since 2017, the bank has operated in Urumqi, the capital of Xinjiang province, which borders the northern Pakistan region of Gilgit-Baltistan, an important route on the multi-billion dollar China-Pakistan Economic Corridor (CPEC).

HBL Beijing offers a complete range of products and services to valued bank customers.

HBL’s presence in China will allow the bank to interact with state-owned companies and leading financial institutions involved in CPEC and the corridors of the Belt and Road Initiative.

The HBL presence in China will allow the bank to cooperate with state-owned companies (SOEs) and leading financial institutions involved in CPEC and the corridors of the Belt and Road Initiative (BRI).

China is a very important market for HBL not only in terms of business in China and CPEC but also for Chinese companies working on projects in countries that are also using the HBL network.

Commenting on the opening of the branch, HBL President and CEO Muhammad Aurangzeb said: “China is the second domestic market for HBL and we are going to expand our business in the country. China remains the centerpiece of HBL’s international strategy. We thank the regulators for granting us a branch license.”

They strongly support the development of market-based capabilities and encourage financial institutions like HBL to provide customers with best-in-class products and services. HBL handled all the CPEC-related financing in Pakistan, and the Bank’s presence in China has placed us in a unique position to connect our customers via the HBL network directly with companies in China.

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