Pakistan-based lender Habib Bank (HBL) has secured a license to open a branch in China, becoming the first South Asian bank to operate in China.
"HBL will be establishing banking operations in Urumqi, the largest city of the province of Xinjiang, which borders Pakistan along the traditional Silk Route," the Pakistani lender said in a statement.
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The bank has not yet provided any timeframe on when it plans to begin operations in the country.
HBL, set up in 1947, holds 40% of Pakistan’s lending market share. The bank also operates overseas from branches in London, New York, and the Middle East.
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