The recent reports showed that China is all set to acquire a Pakistani bank, as the State Bank of Pakistan (SBP) has been directed by the President to remain in touch with central bank of China to accomplish a desired offer.

The Chinese banks showed their interest in Pakistan and its experts are working on several big projects in different areas costs million of dollars.

While talking to media, a source said, “Chinese officials will remain in touch with the SBP which will finalize a mechanism as well as provide advice to the Chinese side to buy an existing Pakistani bank which would be relatively easier and more convenient than establishing a brand new one.”

Earlier reports stated that the Industrial and Commercial Bank of China (ICBC), the world’s second biggest lender, is planning to launch its working in Pakistan.

Reports also stated that ICBC is in plans to make sure its presence felt in Pakistan, and will offer financial help to Chinese firms investing in Pakistan.

Meanwhile, the National Bank of Pakistan (NBP) and the ICBC has decided to work in the banking as well as other fiscal areas in the two nations.

A statement released for exploring the chances for joint co-operation among the two entities had been inked in the year 2007.

The Chinese bank would like to place its offices and acquiring Pakistani banks to offer financial services.