Pakistani bank establishes branch in Xinjiang

World | March 21, 2017, 12:24 a.m.

Beijing: A branch of Pakistani Habib Bank Limited opened on Monday in northwest China's Xinjiang Uygur region, local authorities said.

It is the bank's first branch in China, mainly providing financial support to the China-Pakistan Economic Corridor projects, according to the Xinjiang regional banking regulatory bureau, Xinhua reported.

Located in the Urumqi High-tech Industrial Development Zone, the bank mainly accepts public deposits, makes loans, deals government bonds, provides credit guarantees, and handles foreign currency exchange, the bureau said.

Habib Bank, the largest bank in Pakistan, had total assets of about $21 billion at the end of 2015.

IANS

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