National Bank of Pakistan (NBP) and Bank of China, Pakistan Operations (BOCP) have signed a memorandum of understanding (MoU) to promote banking services in the country.
The MoU will focus on developing synergies between the two institutions. The MoU will further strengthen friendship between the two nations, said a NBP statement, here on Monday.
The MoU was signed by President NBP, Saeed Ahmad and Country Head and CEO of BOCP Dr. Tao Li. Group Chief, Investment Banking, Rehmat Ali Hasnie, Group Chief, Corporate Banking, Syed Jamal Baquar and
Divisional Head, Shaikh Tariq Abdullah were also present.
NBP President Saeed Ahmad congratulated the management of BOCP and said both institutions had developed a strong mutually beneficial relationship and were willing to extend the bilateral cooperation.
The NBP believed that this MoU would further extend cooperation in the areas of trade, finance, cash management and international transactions, corporate lending and project financing, infrastructure financing, investment banking and various other fields, he said.
Li expressed his pleasure to be a part of this memorable event and said Bank of China had a long standing working relationship with the NBP. It was the first MoU which BOCP had signed with any bank of Pakistan.
He said BOCP was fully committed to Pakistan and was determined to deliver its excellent financial service to not only the projects under CPEC and also the target local corporate clients residing in Pakistan.
Pak-China friendship was not only a sign of unity between the two countries but also a strong bond of mutual trust, tolerance and long lasting confidence which was acknowledged by the whole world.
Being a trustworthy friend, China had always contributed to the growth and economic development of Pakistan. The development of Gwadar Port and the China Pakistan Economic Corridor (CPEC) is an example of China's unconditional support towards Pakistan. Both countries have achieved significantly in the fields such as infrastructure construction, energy development, and people-to-people exchanges, he said.
Bank of China is one of the world's largest bank with total assets of more than dollars 2.9 trillion. NBP is amongst the largest financial institution in the country with 1,456 branches in Pakistan and presence in 19 countries around the globe. Both sides believe that the cooperation will lead to a win-win situation to the two banks and the two nations, the statement said.