HBL is the First and Only Pakistani Bank to Initiate RMB Business in China.
Habib Bank Ltd now offers end-to-end inter-mediation for Chinese currency Renminbi (RMB), allowing customers to now open RMB accounts. HBL gets the honor of becoming the first bank from Pakistan, and one of the three banks from South Asia and the MENA region, to do so. Also Read: Italy to Invest 40mn Euros for Youth […] The post HBL is the First and Only Pakistani Bank to Initiate RMB Business in China. appeared first on Nation Bytes.
Habib Bank Ltd now offers end-to-end inter-mediation for Chinese currency Renminbi (RMB), allowing customers to now open RMB accounts. HBL gets the honor of becoming the first bank from Pakistan, and one of the three banks from South Asia and the MENA region, to do so.
Also Read: Italy to Invest 40mn Euros for Youth Development in Pakistan.
HBL also has the honor of first ever Pakistani bank to open its branch in Urumqi Xinjang, China and received the license in April 2018. The branch has formally commenced the RMB business on 7th November 2019, after getting approval from all the regulatory authorities.
The CEO of Habib Bank Limited Mr. Muhammad Aurangzeb and HBL Chairman Sultan Ali Allana visited the HBL Urumqi Branch to formally commencing the operations of RMB business.
“We are doubling up our business in China and it will soon become a second home market for HBL. For our branch in Urumqi we got the RMB licence in the shortest possible time, so we are very grateful to the regulators in China, Chinese regulators are very supportive of developing market-based capabilities and encouraging financial institutions to provide clients best-of-breed leading-edge products and services while managing systems risks well.” CEO HBL
HBL chairman Mr. Allana also spoke at the event he said:
“I am very proud that we are here today. The commencement of the RMB business is a stepping stone and we are very hopeful that in the coming years HBL will have more presence in China. We have also made an application for a branch in Beijing. We want to be a progressive bank, we want to do what is right for the institution and for the country. For us that is paramount. We want to be an integral part of the Chinese economy and the country. There shall be no compromises on compliance, under any circumstances. We will do everything that is right. I am very hopeful that in the coming years this branch, this foundation can give us the springboard to become a bank of relevance in China in the coming decades.”
This latest development is part of HBL’s recent efforts to expand in China. Last week, Bloomberg reported that HBL was looking to tap more business under President Xi Jinping’s Belt and Road Initiative (BRI). HBL is currently involved in around $6 billion of Pakistan projects under the BRI.
Also Read: Pakistan Earned 31 Billion Rupees from the Export of Defence-oriented Products: Zubaida Jalal
HBL acquired stake in Pakistan’s first coal mining venture, one of the main Belt and Road projects, with Chinese companies in the Thar desert. HBL was also the first Pakistani lender to open a branch in Gwadar, Balochistan, where China is developing a port.
In the third quarter of 2019, HBL also signed an agreement with Ufone, extending a bilateral Trade Finance Facility in RMB for the first time. This was done to facilitate the import of cellular network equipment through Huawei Technologies Ltd.
The post HBL is the First and Only Pakistani Bank to Initiate RMB Business in China. appeared first on Nation Bytes.
Gold PURITY
