Bank of China opens first branch in Pakistan

The Bank of China today formally launched its operations in Pakistan as it opened its first branch in the countrys commercial capital Karachi.

The inauguration ceremony was performed in the capital Islamabad by President Mamnoon Hussain.

Bank of China Chairman Chen Siqing, State Bank of Pakistan Governor Tariq Bajwa and Chinas 

Acting Ambassador to Pakistan Zhao Lijian were also present on the occasion.

Hussain said the banks launch was a memorable event in the "everlasting friendship" between Pakistan and China, according to an official statement.

"China has emerged as a major investor and partner for Pakistan with great prospects of materialising the possibilities of development in both countries," he said.

The president said the opening of the bank indicated that the benefits of the China-Pakistan Economic Corridor (CPEC) would soon start reaching the masses.