ICBC Pakistan Operations celebrated its five year anniversary of Operating in Pakistan at an event recently held in Karachi and which was attended by Dignitaries from the Chinese Consulate, State Bank of Pakistan along with Senior Representatives from the Banking Industry and Corporate World (both Pakistani and Chinese Corporates alike).
ICBC started its operations in May, 2011 when it received approval from SBP for opening 2 branches in Pakistan in Karachi and Islamabad with its primary focus being to boost the economic and trade relations between the two countries through undertaking projects of strategic and national Interests. Later on, in April, 2015, ICBC launched its third branch in Lahore during President Xi Jinping’s –People’s Republic of China’s visit to Pakistan.
While speaking at the occasion, Mr. He Shenghu – CEO, ICBC Pakistan Operations said “Within a short span of five years ICBC has grown to become the largest foreign commercial bank branch operating in Pakistan, a pivotal partner of enterprises in Pakistan and one of the primary players in the implementation of strategic projects in China-Pakistan Economic Corridor (CPEC)”.
During this period, the asset size and profit before tax of the Bank have grown to PKR 140 bn and PKR 2.8 bn as on December 31, 2015. On this occasion, the bank also entered into strategic Collaboration Agreements with National Bank of Pakistan, General Tyre, Norinco International Thatta Private Limited, China Power Hub Generation and Siddiqson Limited.
Mr. Mu Yongpeng, Deputy Consul General of China in Karachi was also present on this occasion and he Congratulated ICBC for the efforts it has made in the promotion of the economic and trade cooperation between China and Pakistan, and congratulated ICBC for success it has gained during the last five years.