Karachi—Standard Chartered Pakistan has entered into a strategic alliance with ICBC for the promotion of bilateral trade and investment between China and Pakistan.
According to the MoU signed between Standard Chartered and ICBC, both are to collaborate on on-going and upcoming projects under the China-Pakistan Economic Corridor (CPEC) and other areas of mutual interest by using their respective strong onshore presence in both the countries.
The alliance through the MOU sets out a conceptual framework and guiding principles for the two banks through which ICBC will benefit from Standard Chartered’s presence and banking experience in Pakistan. Standard Chartered which also has a strong presence in China, will be able to further leverage the dominant position that ICBC enjoys in China and explore business avenues to further the bank’s strategic business objectives.
Commenting on this partnership, Shazad Dada, CEO, Standard Chartered Pakistan said: “I am excited that we are entering into this important strategic relationship with ICBC. The CPEC offers huge opportunities for Pakistan. Standard Chartered views the country’s economy positively and believes that investment and capital will grow with the implementation of CPEC projects.
This alliance will not only provide our clients greater opportunities to reach out to the Chinese companies, but will also enhance the access for the Chinese businesses and investment to the Pakistani market.