Chinese bank opens branches

Islamabad: The Industrial and Commercial Bank of China announced on Friday opening of its branches in Pakistan, a move which was hailed by President Asif Ali Zardari by saying that initiative would begin a new era of Pak-China cooperation in the banking sector to take bilateral economic relations to new heights.

“By opening bank in Pakistan our Chinese friends have shown confidence in the financial sector of Pakistan,” President Zardari said while addressing the launching ceremony at Aiwan-e-Sadr.

In a prepared speech, the president said that at a time when the world was passing thorough a difficult economic phase and investors were not readily coming forward, the initiative taken by ICBC was most commendable and Pakistan welcomes it.

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