March 22, 2021 (MLN): Habib Bank Limited (HBL) became the first Pakistani bank to open a branch in Beijing, China.
Taking to its official Twitter handle, HBL announced that the bank has created history by being the first and only bank from Pakistan to have a branch in Beijing and one of the three banks from South Asia and the MENA region to offer end-to-end RMB intermediation in China. Upon commencement of business, HBL Beijing has become HBL’s second branch and its managing branch in China; both branches in Beijing and Urumqi are equipped with foreign exchange and RMB license to better facilitate customers’ requirements in multiple currencies.
The inauguration ceremony for HBL Beijing was attended by clients, regulators and senior executives of the Bank from across HBL’s international network. From Pakistan, Mr. Jameel Ahmad, Deputy Governor – State Bank of Pakistan, Mr. Sultan Ali Allana, Chairman – HBL, Mr. Muhammad Aurangzeb, President & CEO – HBL, along with senior executives and HBL’s customers, virtually joined the ceremony. HBL Beijing offers a full range of products & services for the Bank’s esteemed clients.
It is pertinent to note that China is the lynchpin of HBL’s international strategy and the bank is the largest executor of CPEC related financing in Pakistan worth over USD 6 billion.
In March 2021, HBL opened its second branch in Beijing. The Beijing branch will allow HBL to negotiate with other regulators, key state-owned enterprises (SOEs) and leading financial institutions involved in the China-Pakistan Economic Corridor (CPEC) and across other Belt and Road Initiatives (BRIs).
