URUMQI: Habib Bank Ltd now offers end-to-end intermediation for Chinesecurrency Renminbi (RMB), allowing customers to now open RMB accounts.
This makes HBL the first bank from Pakistan, and one of the three banksfrom South Asia and the MENA region, to do so.
The bank’s branch in Urumqi, in the Chinese province of Xinjiang, formallycommenced RMB business on 7 November 2019, after obtaining regulatoryapproval.
The branch was opened in March 2017 and acquired the RMB licence in June2018. It is the only foreign bank branch operating in the northwesternprovince.
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HBL Chairman Sultan Ali Allana and HBL CEO Muhammad Aurangzeb were presentin Urumqi to formally commence the RMB business. Members of the HBL’s boardof directors and other executives were also there.
“We are doubling up our business in China and it will soon become a secondhome market for HBL. For our branch in Urumqi we got the RMB licence in theshortest possible time, so we are very grateful to the regulators inChina,” said Aurangzeb.
