Allied Bank Limited (ABL) and Bank of China-Pakistan (BOCP) have entered into a Memorandum of Understanding (MoU) in Beijing. The MoU was signed by ABL’s CEO, Mr. Tahir Hassan Qureshi and Country Head & CEO of BOCP Mr. Liu Xiaofei, in a ceremony held on April 28, 2019 at Bank of China Headquarters in Beijing. The ceremony was also attended by Mr. Owais Shahid (Chief, Corporate & Investment Banking- ABL) and BOC’s Executive Vice President, Mr. Sun Yu; and other senior officials from both banks.
The MoU sets out a conceptual framework for cooperation through which both institutions can develop business synergies, and it formalizes a strategic partnership that aims to promote trade and investments relating to China’s One Belt One Road Initiative. ABL’s CEO, Mr. Tahir Hassan Qureshi congratulated the management of BOC and extended ABL’s cooperation on various fronts. Under this MoU, both banks have agreed to collaborate with each other on RMB Business, trade finance, treasury and corporate banking transactions. The agreement also encourages joint syndication and project financing of various projects in Pakistan.
Bank of China is one of the world’s largest bank with total assets of more than USD 3.0 trillion and has opened its branch in Karachi during November 2017. ABL is amongst the top financial institution in Pakistan with 1,350 branches across the country and having international presence in UAE, Bahrain and China. Both sides believe that further cooperation between the two banks will instill long term mutual growth and also assist in bonding the two nations.