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The Bank of China
In February 1912, with the approval of Dr. Sun Yat-sen, the Bank of China was formally established and after more than a century and a decade, the legacy of this bank is still mesmerizing. The Bank of China (BOC) is known for its banking knowledge and experience in the international market. More than 50 countries are offering BOC to operate in their respective cities. The Bank of China is the most diversified and user-friendly bank, enabling its prestige to be recognized in the international market. It has the honor of achieving the Globally Systemically Important Bank ranking for almost 11 consecutive years.
Inauguration of the Islamabad Branch
Pakistan and China have strong economic ties and to further strengthen this bond, the Bank of China opened its operational banks in Karachi in the year 1942. Due to the circumstances of Bangladesh’s war of independence in 1971, the Bank of China left its operations and donated its assets of Rs. 201 million to the government of Pakistan. Consequently, after 46 years in 2017, Pakistan granted permission to commence operations in Clifton, Karachi. The official ceremony was held in Aiwan-e-Sadr and its operations started from the very next day.
On the moment of the 10th anniversary of the China-Pakistan Economic Corridor (CPEC), Finance Minister Ishaq Dar and the deputy governor of the People’s Republic of China, Xuan Changneng, officially launched the BOC branch in Islamabad on July 31st. Nearly 100 representatives attended the opening ceremony. It became operational on 1st August. During this event, Finance Minister Ishaq Dar expressed his gratitude to the Chinese authority and also shared positive statistics regarding the rise in Pakistan’s credit rating according to the international rating agency. He highlighted that this is proof of Pakistan’s economic stability and progress.
Deputy Governor Xuan Changneng congratulated the Pakistani government on its stable economic cooperation and expanding bilateral needs. This initiative also marks the strengthening of the relationship between the two countries and also creates associative ties between these two nations. Ishaq Dar highlighted that these initiatives are a “milestone of expanding economic and bilateral trade cooperation.”
Strengthening ties between China and Pakistan
The president of the Bank of China, Lu Jin, also emphasized that this will further promote the Belt and Road Initiative and present a great role in deepening Pakistan’s infrastructure construction and trade development. Pakistan has been China’s largest trade partner for nine consecutive years as stated by the counselor of commercial affairs of China, Li Yong, and for him, this bank’s operations in the capital will further increase the networking of the two states. Also, this will influence the unilateral ties of CPEC positively.
Pakistan is paving a new road towards strengthening economic relations. In these circumstances, the inauguration of this bank will be fruitful and will leverage strong strategic ties between the two countries. This opening marked the greater availability of international transactions and currency exchange along with enhanced financial structure and trade facilities. An image of Pakistan as a strong and prosperous nation is also being displayed by the Chinese authority which is a huge benefit for our nation. Pakistan and China have a whole history of being there for each other in times of crisis and this inauguration is just an example of such association.
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