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Premier Wen To launch China’s top private bank branch in Pakistan
BEIJING, Dec 15 (APP): Chinese Premier Wen Jiabao is going to open a branch of Industrial and Commercial Bank of China (ICBC), the top private bank of China during his visit to Pakistan starting from Friday.
The ICBC is the world’s biggest bank by capitalization. According to an article from a Chinese scholar published here in an English daily ahead of Premier Wen visit to all weather ally, by the end of this year, the trade between China and Pakistan will be worth $7 billion, with an annual growth rate of 29 percent.
The growth rate of trade between the two countries is expected to grow by over 30 percent over the next five years and the trade volume could increase to $18 billion.
But the level of economic cooperation does not reflect the close and lasting political and military ties between the two countries, writes Li Xiguang, a professor of Tsinghua University, Beijing.
“We are all-weather political allies. Since September 2008, Pakistani President Zardari came to China almost every four month, beating any heads of state in terms of frequency of visiting China,” said Pakistan’s ambassador to China, Massood Khan, “China has a very positive image in Pakistan. We support China’s policy on Tibet, Xinjiang and human rights,” said Khan.
“But we also need to have an all-weather highway between our two countries,” he said. Two years ago, Chinese and Pakistani engineers and road builders started extending the width of the Karakorum Highway from 10 meters to 30 meters.
Chinese engineers have completed a feasibility study for the building of a railroad and an oil pipeline to link Kashi in Xinjiang and Gawadar in Pakistan’s Balochistan Province at the mouth of Gulf.
Sixty percent of China’s imported oil comes from the Middle East and 80 percent of that transported to China through the Straits of Malacca.
With the construction of the Kashi-Gawadar railroad and oil pipeline, Gawadar, a warm-water and deep-sea port, will handle most of the oil tankers to China.
It will provide China with the shortest possible route to the oil rich Middle East, replacing the dangerous maritime route through the South China Sea, East China Sea and the Yellow Sea.
“Through Gawadar, oil will come to China and goods will go to West Asia and the Gulf, bringing China closer to countries such as Turkey and Iran,” Khan said. “The highway will stimulate the economic growth in Pakistan. With the recovery of the legendary Silk Roads through Pakistan, Pakistan will become an economic hub once more.”
“If China joins Pakistan in building its desperately-needed power stations, Pakistani people will feel the warmth and brotherhood every night when they turn on the light in their home,” Khan said.
“In the streets of Pakistan, it seems that everyone knows Wen is coming,” said Khan.
China's ICBC opens two branches in Pakistan
09:54, May 21, 2011
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The Industrial and Commercial Bank of China (ICBC), China's largest commercial bank, inaugurated two branches in Karachi and Islamabad respectively on Friday.
Addressing the ceremony in Islamabad, Pakistani President Asif Ali Zardari said the ICBC initiative to open branches in Pakistan would begin a new era of cooperation in the banking sector of the two countries.
"The opening of ICBC branches, which coincided with the 60th anniversary of the diplomatic relations between Pakistan and China, will take the economic relations between the two countries to new heights," he said.
The president hoped that ICBC's investment in Pakistan would prove to be profitable and the bank would play a prominent role in channeling bilateral investments.
Huang Xilian, Chinese Charge d'Affairs to Pakistan, said the economic and trade cooperation between China and Pakistan is entering into a new historical stage of opportunities, featured with wide-range, multi-level and all-round.
ICBC President Yang Kaisheng said the increasingly closer economic ties between China and Pakistan has laid a sound foundation for ICBC's development in Pakistan.
Backed by its advantages in customer base, financial strength, network, IT and brand, ICBC Karachi and Islamabad branches will build up partnership with Chinese enterprises in Pakistan, support the local transportation, energy, telecommunications and other infrastructure, he said.
"They will provide quality and efficient service for companies and individuals, strive to become a bridge for Pakistan-China economic and financial cooperation and play an active role in facilitating the economic development of Pakistan," Yang said.
ICBC, ranking No. 1 worldwide in terms of market capitalization, profits, customer deposits and brand value, has been granted banking license and business certificate by the Pakistani regulatory authorities, becoming the first Chinese commercial bank operating in Pakistan.
Source: Xinhua
http://www.defence.pk/forums/economy-development/84760-china-s-top-private-bank-pakistan.html
Chinese Bank Opens in Karachi
China's banking giant,the Industrial and Commercial Bank of China (ICBC)has opened its branches in Karachi and Islamabad, Xinhua reported.
Recently ICBC has opened five new branches in major European capitals - in Amsterdam, Brussels, Paris, Madrid and Milan. The banking giant already has branches in Moscow, London, Frankfurt and Luxembourg
Addressing the inaugural ceremony in Islamabad on Friday, Pakistan's Pres. Zardari said that the ICBC initiative to open branches in the country would begin a new era of cooperation in the banking sector of the two countries.
“The opening of ICBC branches, which coincides with the 60th anniversary of the diplomatic relations between Pakistan and China, will take the economic relations between the two countries to new heights,” Zardari said.
The president hoped the ICBC’s investment in the country would prove to be profitable and that the bank would play a prominent role in channeling bilateral investments.
Chinese bank comes with a bang
AS Prime Minister Syed Yusuf Raza Gilani was winding up his four day successful visit to China, here in Islamabad President Asif Ali Zardari inaugurated two branches of Industrial and Commercial Bank of China (ICBC) marking beginning of a new era of investment and economic cooperation between Pakistan and China. The opening of two branches in Karachi and Islamabad of China’s largest bank would go a long way in promoting Chinese investment in Pakistan, Pakistan and China are celebrating 60 years of their diplomatic relations and it is encouraging that they are doing so in a concrete and substantial manner with a view to taking their relationship to new heights.
A series of measures have already been announced including signing of dozens of agreements and MoUs, resolve to boost bilateral trade and exchange of delegations as part of the celebrations in connection with 60th anniversary of their diplomatic relations. But opening of the two branches of the ICBC is one of the most significant development as the bank would hopefully play a very crucial role in channeling the Chinese investment in Pakistan for which Islamabad has already offered to establish Special Economic Zones exclusively for China with attractive incentives for prospective investors. President Zardari has rightly pointed out that the decision of the ICBC to establish its presence in Pakistan is reflective of the Chinese confidence in Pakistan’s economy and this may be a source of inspiration for investors from other countries. Apart from supporting the economy, the opening of the ICBC branches would also serve as yet another inducement for the local banking sector to adopt more customer friendly policies in a competitive environment. Our banking sector is already vibrant and doing well but we hope that the State Bank of Pakistan and the Government would take more steps to facilitate their working and operations.
Industrial and Commercial Bank of China to start its operations in Pakistan soon
National emblem of the People's Republic of China
Industrial and Commercial Bank of China would start its operations in Pakistan soon by opening its branches in Karachi and Islamabad.
A meeting under Finance Minister Abdul Hafeez Sheikh on progress in China-Pakistan cooperation noted that ICBC coming to Pakistan in a big way besides other developments in this regard ranging from trade concessions and collaboration in the fields of agriculture, banking and finance.
According to an official handout, the meeting also deliberated upon the progress in the operationalisation and implementation of the agriculture related component under the Economic and Technical Cooperation.
Meanwhile the meeting also discussed the opening of Pakistan’s National Bank of Pakistan Branch in China under the prevalent procedure in the Chinese Banking laws.
Under the bilateral trade, China is to send more trade missions to Pakistan, and Pakistani traders to be given access and free space in trade exhibition in the cities of Kashghar, Urmuqi, Kensing and Chengdu. The Finance Minister asked the concerned officials to give a comprehensive report on the development in this regard.
Finance Minister Shaikh said that no inaction on the part of any line ministry shall be allowed in the implementation of the decisions agreed between Pakistan and China during the last visit of Chinese Premier to Pakistan.
Chinese delegation to the meeting was led by Chinese Ambassador to Pakistan Liu Jian to review the progress in the implementation of the mechanism for the number of projects with Chinese technical and financial assistance.
In the post flood Reconstruction Programme, the Chinese Government has pledged to support Pakistan in the reconstruction of a number of projects which included the Grant for Highways and Agriculture, Transport, Energy and Communication, Establishment of China-Pakistan Agricultural Technology Zones, Upgradation of Karakarum Highway and Reallignment of Ataabad Lake, Disaster for Preparedness and Response System and Environment and Ecosystem.
The other subjects that the meeting discussed included Pakistan’s market access by considering grant of unilateral tariff concession to 228 Pakistani products, launch of second phase of the Pak-China Free Trade Agreement, in the first quarter of 2011, the Establishment of Pakistan China Entrepreneurs Forum, and exploring possibility of establishing trans-border economic zones. It may be recalled that during last visit of the Chinese Premier to Pakistan, new air routes between Pakistan and China were also agreed to be opened. The meeting also deliberated upon on airport also. The youth exchange program was also brought under discussion whereby one hundred Chinese and Pakistani youth delegations to visit respective countries to enhance cultural cooperation between the two friendly countries.
Both the sides expressed their satisfaction over the pace of progress in the afore-mentioned projects and hoped that if there is any laxity from any quarter shall overcome with collaboration and coordination with the line ministries and corresponding agencies.
ONLINE – International News Network.
China’s largest bank to expand in to Pakistan
Posted by Nabeel Tirmazi on April 15, 2011 in PkToday | 0 Comment
Industrial and Commercial Bank of China Limited (ICBC), the world’s biggest bank by market value, plans to increase its global footprint by setting up new branches in countries such as Brazil, India and Pakistan, according to bank chairman on Thursday.
However, ICBC is not considering acquiring European banks in the near term, Chairman Jiang Jianqing told in an interview ahead of the Boao Forum in the southern province of Hainan.
The bank aims to draw 10% of its assets and profit from overseas operations by 2016, up from 4% now, he informed.
“Over the next several years, we will mainly look at emerging countries and consider their economic potential, growth rate and extent of trade relations with China,” he said, adding, “Emerging countries are our regions of choice.”
ICBC has been aggressive, compared with other Chinese banks in boosting its overseas presence through acquisitions and establishing branches, although on a much smaller scale than its western competitors. It acquired 80% of Bank of East Asia’s US business in January for $140 million.
The bank also opened 5 branches in Europe this year and has applied to open one in Peru.
