The National Bank of Pakistan (NBP) and Bank of China, Pakistan Operations (BOCP) have take a Step together to enhance banking services within Pakistan resulting from signing a memorandum of understanding (MOU). The aim is to bring the two institutions closer together, forming a bond that will improve the banking services in Pakistan.
The President of NBP, Saeed Ahmad said that the way in which the BOCP was managed was excellent and that a healthy relationship was now in place. It is hoped that this relationship will reach further into areas such as international transactions and corporate lending to name but a few. The Bank of China, Pakistan Operations have made it clear that they are determined to forge a strong relationship with NBP, stating that thee MoU was the first to be signed with the NBP.
The relationship between the two highlighted the unity that was in place but it showed that there was a high level of trust and confidence that would resonate around the world.
China has always played a large part in the way in which Pakistan has grown economically throughout the years. The China Pakistan Economic Corridor (CPEC) and Gwadar Port are an example of how the two countries have moved forward with China showing true support. There have been huge leaps forward in infrastructure, energy development and construction in both countries proving just how fruitful this relationship could be.
The Bank of China has assets of over $2.9 trillion making it one of the largest banks in the world. In Pakistan, the NBP is one of the biggest financial institutions in the country with almost 1,500 branches and a presence that reaches around the world as they have 19 branches worldwide. Therefore, this is a relationship that they both believe will benefit each other.