Karachi: Chinese Bank, ICBC and Turkish private bank Bankasi will open their bank branches in Karachi and Islamabad as soon as all mandatory regulatory procedures are completed.
The banks of two different countries will play a vital role in strengthening the trade ties with Pakistan whereas the economy of the country will be stabilize with the support of it friend states strategically and commercially.
The two country—China and Turkey—have been working aggressively to tap the potential of local financial market, which has been under the influence of lobby of Arabs and Americans
Industrial and Commercial Bank of China Limited (ICBC) is one of the biggest bank of China having strong operations in diversified portfolio from industrial to retail side. On the other hand, Isbank is the biggest private bank of Turkish which is also interested to acquire operation of HSBC.
In a meeting with Prime Minister Raja Pervez Ashraf, Dr Yaseen Anwar also briefed him about the launch of operations by Chinese and Turkish banks will be carried out soon.
The Bank of China is planning to open branch in Pakistan, the Governor said. Bankasi or Isbank, Turkish largest Private Bank is also planning to open its branches in Pakistan, which is good mean for investment, the Governor said.
State Bank of Pakistan (SBP) has signed currency swap agreement with China and Turkey that aimed to boost trade between Pakistan and China and between Turkey and Pakistan.
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