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Karachi / AFP
Pakistan’s Habib Bank Limited announced it had received a licence to open a branch in China, a move that would make it the first South Asian lender to operate in the world’s number two economy.
More commonly known by its acronym ‘HBL’, the bank said it would open a branch in Urumqi, the largest city in the province of Xinjiang, which lies along
the traditional Silk Route and borders Pakistan.
“Habib Bank Limited is the first South Asian bank to get this permission,” a bank statement said, without setting a precise timeframe for opening.
Urumqi is a growing commercial and trade centre and the regional hub for China’s Belt and Road Initiative (B&RI) in Central Asia.
The programme is closely linked to the “China Pakistan Economic Corridor” (CPEC), a $46 billion development project, which will connect Gwadar port in Pakistan’s southwestern Balochistan province to Xinjiang.