The Bank of China Would Open a New Branch in Pakistan’s Gwadar Port

onlinegwadarcityawd June 21, 2018 No Comments

The Bank of China Would Open a New Branch in Pakistan’s Gwadar Port

The Bank of China Would Open a New Branch in Pakistan’s Gwadar Port

Islamabad: One of China’s largest banks is, the bank of China is planning to open up a new branch near Pakistan’s newly structured strategic Gwadar slot amongst growing collaboration between the two countries, a senior Pakistani Official shared this breaking news. The deep-water Gwadar port has a strategic importance for the One Belt One Road Road effort, a part of which – the 56 billion dollars CPEC connect Pakistan’s the southern part of the area to China’s western Xinjiang province through roads and railway lines.

The bank of China, along with other national banks, is going to open up a new branch in Gwadar Port. This was informed by Dostain Khan Jamaldini, the Chairman of Gwadar Port authority in his meeting with the president of the summit bank Mr. Zaheer Esmail, on Friday.

China’s modern and fast-paced financial system was ready to get into an era of high-grade requirements and stressed that the Bank of China could help Pakistan successfully make use of China’s financial success. Mr. Jamaldini also stated that with the Gwadar Deep Seaport becoming functional, several commercial banks of our country are interested to open their commercial branches in the main harbor city and now The Bank of China would start doing business from Gwadar soon and going to open its branch in the main city.

He further said, “Commercial, trade and business activities will develop Gwadar with the opening of branches of many banks”. He also added that for sufficient time the Gwadar Port control and Port Holding had permitted the opening of two main banks in Gwadar and one of them was the bank of China.

The chairperson stated that focus on the Gwadar 100 % free Area had started. He said the development work would be completed in the next few months. Mr. Jamaldini included that the Chinese and Pakistani were working day in the night with three shifts so that they would complete the development and construction of the Gwadar as a Free Zone.

He revealed that in the first week of Dec, PM Shahid Khaqan Abbasi would inaugurate the first International expo center in the possible zone. There would be many Chinese ministers join this inauguration ceremony. More than 100 China companies are planned to join this free zone.

Mr. Esmail also told Mr. Jamaldini that in the mid of Sept this year, the Sindh bank and the Summit bank would merge into one bank and it would make the former the second largest bank in Pakistan.

He included that The Summit bank had taken an eager interest in the social industry and would soon increase soft loans to government workers, small entrepreneurs and fishers to enhance their businesses.

Gwadar has become a hub of business activities due to billion dollars for CPEC project, which combines western China with Gwadar port trough rail and roads. Naturally, the business would establish rapidly in Gwadar port and it would increase assets in Pakistan. Therefore, all banks of Pakistan would open their branches top take this chance to have business there.