Pakistan assumes chairmanship of SCO Interbank Consortium

Pakistan has assumed the chairmanship of the Shanghai Cooperation Organisation Interbank Consortium (SCO-IBC) for 2026-27, with HBL Chairman Sultan Ali Allana taking over as chairman of the consortium.

The development coincides with Pakistan’s chairmanship of the SCO for the same period.

In a statement on Monday, the Ministry of Finance congratulated Allana on assuming the responsibility and reaffirmed Pakistan’s commitment to strengthening economic partnerships among SCO member states, facilitating cross-border trade and investment, and advancing regional integration.

The SCO-IBC is a key platform for financial collaboration among SCO member states. It aims to promote sustainable development through cooperation with multilateral institutions, enhance regional trade and investment, and explore new mechanisms for developing transnational mega projects.

HBL, Pakistan’s largest bank, joined the consortium as a partner bank on Aug 8, 2014, and became a member bank at the 14th annual council meeting in June 2018.

HBL was nominated as Chair of the Council of the SCO-IBC for the 2026-27 term at the annual council meeting held on July 2, 2026, in Bishkek, Kyrgyzstan.

The nomination coincides with Pakistan’s assumption of the chairmanship of the SCO Council of Heads of State in September 2026.