Chinese commercial and industrial bank ICBC has completed the partnership with Pakistan’s leading Bank Alfalah which is the good sign for the prosperity of Pakistan’s economy. ICBC give support to BAFL in many areas of banking and finance. ICBC has different branches in big cities of Pakistan as china is a friendly neighbor of Pakistan. The speedy progress of china is ideal for Pakistan that’s why china does more contracts and partnerships in Pakistan’s financial industry.
Now Bank Alfalah and ICBC have entered into a new momentous phase with some huge opportunities of banking sector success. On Monday the MoU statement highlights the conceptual agenda and guides the main principles for collaboration. This planned has made for enhanced the financial activities in Pakistan and china. This agreement shows that both banks trade finance business with each other and also both banks will also shares open accounts with each other. It’s mean ICBC will open a Pakistan’s currency (Rupee) account and BAFL will open Yen Nostro Account with ICBC that will be useful for both banks.
The MoU agreement has also an emphasis on the mutual business in financing and lending projects. Both are making strategies in the banking business and give clients for both financial profits. ICBC transfers Chinese clients for needed rupee funding and BAFL prefers Pakistani business customers requiring RMB funding in china. Both banks are working together for the benefits of both corporations. The contract will also give for mutual syndication and financing plans as for Pakistan’s precedence plans.
After this banking and finance agreement, BAFL enters into the new phase of progress and they both share their benefits too. BAFL and ICBC have also settled to undertake coffers related dealings. BAFL works as the main trader who would give the most reliable assets to Pakistan Government that tie relation with ICBC.
ICBC will also connect the BAFL with international markets and at last both agree to bond with each other for their benefits and for swap foreign transactional requirements. The main focus of this agreement is to boost the economic development in Pakistan even in public and private bodies. The running project of CPEC gives also the strong financial support and MoU will also contribute to the development and progression of both nations.
Pakistan’s banking initially starts in the period of British colonialism and founded for the implementing Islamic banking. But with the passage of time, it suffers in different phases and stages. But now I think after this MoU project now mostly Pakistani’s are hopeful for bright future of Pakistan’s bank. And they will definitely think for the huge capitalism in Pakistan’s banks.
This project has done amazing changing in the economy of Pakistan as both are working for the progress of industrial and infrastructure projects in different regions of Pakistan. This agreement gives help in mutual studies of technical, financing activities, financial and economic features of the viability of plans and also both are providing consultancy services to project shareholder. BAFL and ICBC also agreed on engaged incorporation in different banking businesses of third country or regions. This project will really give a chance to enjoy the financial benefits for both countries.