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Pakistan's largest bank opens branch in China

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Karachi - Pakistan's Habib Bank Limited on Monday announced it had received a licence to open a branch in China, a move that would make it the first South Asian lender to operate in the world's number two economy.

More commonly known by its acronym 'HBL', the bank said it would open a branch in Urumqi, the largest city in the province of Xinjiang, which lies along the traditional Silk Route and borders Pakistan.

"Habib Bank Limited is the first South Asian bank to get this permission," a bank statement said, without setting a precise timeframe for opening.

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