Chinese Bank Opens in Karachi

China's banking giant,the Industrial and Commercial Bank of China (ICBC)has opened its branches in Karachi and Islamabad, Xinhua reported.

Recently ICBC has opened five new branches in major European capitals - in Amsterdam, Brussels, Paris, Madrid and Milan. The banking giant already has branches in Moscow, London, Frankfurt and Luxembourg

Addressing the inaugural ceremony in Islamabad on Friday, Pakistan's Pres. Zardari said that the ICBC initiative to open branches in the country would begin a new era of cooperation in the banking sector of the two countries.

“The opening of ICBC branches, which coincides with the 60th anniversary of the diplomatic relations between Pakistan and China, will take the economic relations between the two countries to new heights,” Zardari said.

The president hoped the ICBC’s investment in the country would prove to be profitable and that the bank would play a prominent role in channeling bilateral investments.