UBL to contribute in the development of Gwadar Port as part of the CPEC initiative

MG News | July 21, 2017 at 02:36 PM GMT+05:00

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Sima Kamil, President & CEO UBL in discussion with Zhang Baozhong, Chairman of China Overseas Port Holding Company (COPHC), during the meeting, UBL resolved to support COPHC and its Chinese investors’ banking requirements in Pakistan.

Sima Kamil, President & CEO UBL on her recent trip to China, met with Zhang Baozhong, Chairman of China Overseas Port Holding Company (COPHC). COPHC has been awarded with a 40 years lease for the development of Gwadar Port and Gwadar Free Zone under the CPEC initiative. The objective of the company is to develop the region's most strategically located port into a transit trade hub connecting regional countries.

During the meeting, UBL, Pakistan's Best Bank 2016, resolved to support COPHC and its Chinese investors’ banking requirements in Pakistan, that are not limited to trade and finance, but also providing RMB accounts and settlement services. UBL also offered its support in uplifting the social status of the people of Gwadar by opening a Khushhali Bank branch here (UBL has majority shares of the bank). Khushhali Bank is one of the largest Micro Finance Banks in the country.

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