LAHORE: HBL has opened its second branch in Beijing and has become the first bank in Pakistan to offer end-to-end intermediation in China in Chinese currency.
According to bank sources, the Beijing branch would allow HBL to interact with regulators, major state-owned enterprises (SOEs) and leading financial institutions involved in China-Pakistan Economic Corridor and across other Belt and Road Initiative (BRI) corridors.
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 November 2019, HBL created history when the HBL Urumqi Branch formally commenced the business in Chinese currency RMB by becoming the first and only bank from Pakistan and one of the three banks from the South Asia and MENA region to offer end-to-end RMB intermediation.
HBL has also been awarded Best Local Bank in the Region for Belt & Road Initiative (BRI) and Best Bank for BRI-related financing in the Region (South Asia) by Asiamoney New Silk Road Finance Awards.
Copyright Business Recorder, 2021
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