By Muhammad Luqman
National Bank of Pakistan (NBP) – one of five large commercial banks – is set to open two branches in China next year to exploit the growing business opportunities between the two countries under the multibillion-dollar China-Pakistan Economic Corridor (CPEC) project.
“National Bank will open two branches in China’s major cities like Beijing and Shanghai by the middle of next year (June 2018),” says NBP President and CEO Saeed Ahmed .
Finalisation of formalities to open the branches was under way at the central banks’ level, he said.
The branches would help the bank to offer full-fledged banking services, including raising deposits and lending money. To date, the bank had operated in China via its corporate offices, he added.
Simultaneously, the bank, which had a deposit base of Rs1.65 trillion on December 31, 2016, is establishing a regional office in Gwadar, which is the centre of economic development under CPEC.
In a reciprocal move, the Bank of China, along with other national and international banks, will soon be opening branches in the port city of Gwadar, said Chairman Gwadar Port Authority (GPA), Dostain Khan Jamaldini.. Bank of China will be one of the first to start business in the port city.
