The Bank of China intends to open a branch in Pakistan at Gwadar. The news was announced by the Chairman of Gwadar Port Authority, Dostain Khan Jamaldini.
On Thursday during a meeting with Zaheer Esmail, the president of Summit Bank at Gwadar, Mr. Jamaldini said,
“With the Gwadar Deep Seaport becoming operational, many of the commercial banks of the country have been attracted to Gwadar and want to expand their businesses by opening branches here.”
Soon the Bank of China will set its feet in the port and start its work. State Bank of Pakistan (SBP) has already issued the banking license to Bank of China.
According to Mr Jamaldini,
“Business and trade activities will flourish in Gwadar with the opening of branches of different national and international banks. Gwadar Port Oversees and Port Holding had allowed two branches to open in Gwadar and one of them is of the Bank of China.”
He told that the work is being done on the Gwadar Free Zone and it is aimed that in couple of months the work will be completed.
Moreover he said,
“The International Expo Center will be inaugurated by the Prime Minister Shahid Khaqan Abbasi along with a few Chinese ministers with over 100 Chinese companies participating in it.”
Mr. Jamaldini was told by Mr. Esmail that it is predicted that soon Sind Bank and Summit Bank will merge to make Summit Bank the second largest Bank of Pakistan.
He was of the view,
“Locals will also take part in the development of Gwadar for which the establishment of the Fish Processing Company is being established. Summit bank will be offering loans to the government employees and the businessmen.”