KARACHI: Pakistan's Habib Bank Limited on Monday announced it had received a license 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 center and the regional hub for China's Belt and Road Initiative (B&RI) in Central Asia.
The program 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.
Founded in 1947, HBL has over 40 percent of Pakistan’s banking market share.
Habib Bank opens branch in China
