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 China - Pakistan Economic Corridor (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. "
He Shenghu, CEO, Industrial and Commercial Bank of China Limited-Pakistan Operations said: "The primary focus of ICBC is to support the economic development of Pakistan by fostering a strong partnership with the Public and Private entities in order to undertake projects of Strategic and National Interests. It is not just our commitment but also our business foundation to give support to the smooth development of CPEC related projects. We are hopeful that with the signing of this MOU with SCBPL, we are able to further build upon close banking relationship towards the betterment and development of both nations."
The MoU was signed jointly by Mr Shazad Dada, CEO, Standard Chartered Pakistan and He Shenghu, CEO ICBC Pakistan. Also present at the signing ceremony were Yaseen Anwar (Senior Advisor ICBC and Ex Governor State Bank of Pakistan) along with members of the Senior management of both organisations-PR