HBL Started RMB Business in China

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HBL

HBL made history by becoming the first and only bank from Pakistan and one of three banks from South Asia and the MENA region to offer end-to-end RMB intermediation. HBL’s Urumqi Branch formally commenced the RMB business last week after obtaining all regulatory approvals.

With the commencement of RMB clearing, HBL Urumqi Branch will provide clearing to HBL branches, subsidiaries, and affiliates. HBL is now positioned to take a leading role in the regional trade, remittance and investment flows. This capacity will further strengthen HBL’s leadership in Pakistan with respect to their Chinese business.

HBL Urumqi Branch is the only foreign bank branch in Xinjiang province. HBL has also applied to Chinese regulators to upgrade its Beijing representative office to a branch. The license will be received in the next 2-3 months after approvals.

In early November 2019, a delegation from the bank led by Mr. Sultan Ali Allana, Chairman HBL and Mr. Muhammad Aurangzeb, President & CEO HBL, formally commenced the Urumqi Branch’s RMB operations. Also, present on the occasion were members of the HBL’s board of directors and senior executives of the Bank.

 

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