Habib Bank Plaza in Karachi,Pakistan. Photo credit: AKDN Org
Xinhua, September 21, 2016: Pakistan’s Habib Bank set up a branch in Urumqi, capital of northwest China’s Xinjiang Uygur Autonomous Region Wednesday.
The branch, unveiled at the ongoing China-Eurasia Expo, makes Habib Bank the first foreign bank from a country on the Silk Road Economic Belt to establish a branch in China.
Nauman Kramat Dar, Habib Bank’s chief executive officer, said that Xinjiang’s development will surpass that of China’s other regions in the next five years, and it was the best timing to build a branch in the region.
As an important area in Central Asia and South Asia, Urumqi has obvious geographical advantages, Dar said, adding that setting a branch here will allow Habib Bank to participate more in the development of Xinjiang, Pakistan and Central Asia.
Habib Bank also signed a 500-million-dollar cooperation deal with China Export & Credit Insurance Corporation at the expo.
Established in 1947, Habib Bank is Pakistan’s biggest commercial bank, accounting for more than 40 percent of the country’s bank market.
Source: China org CN
Note: The Aga Khan Fund for Economic Development is a major shareholder in Habib Bank Limited.
About The Aga Khan Fund for Economic Development (AKFED)
To encourage the creation of strong and efficient capital markets and provide essential financial services, AKFED provides an institutional umbrella for banks and insurance companies in eastern Africa, Central Asia and South Asia. As parts of AKFED, these project companies work on a commerical basis, but all profits are reinvested in further development. And because of their AKDN ethos, AKFED financial institutions are involved in programmes that are part of the broader development agenda, such as the provision of health micro-insurance, savings, workplace wellness and tree-planting.
AKFED Financial services through its banks is focusing on enhancing financial inclusion with increased outreach as well as maintaining a focus on SME customers. AKFED Financial Service companies are lending a particular emphasis on investments in technology infrastructure as the primary tool in achieving its desired objective through alternative delivery channels.
AKFED’s commercial and retail banking investments include an interest in Habib Bank Limited (HBL), Pakistan’s largest and oldest private sector bank. HBL has over 1,700 branches and over 1900 ATMs providing financial services throughout Pakistan. With over 11 million customer relationships, HBL offers a wide range of services, including branchless banking and alternative delivery channels that further its objectives in financial inclusion. HBL has a presence in 25 countries, which include Hong Kong, Singapore, Sri Lanka, Bangladesh, Gulf, Continental Europe, UK and the USA.
See also: http://www.hbl.com/
Watch video on History of HBL