SBP issues licence to ICB

KARACHI: The State Bank of Pakistan (SBP) has issued the banking licence to ‘Industrial and Commercial Bank (ICB) of China Limited’ as the scheduled bank with effect from August 18, 2011.In a notification, the SBP said, “State Bank of Pakistan (SBP), in exercise of the powers conferred on it by clause (a) of Sub-Section (2) of Section 37 of the SBP Act, 1956, is pleased to declare “Industrial and Commercial Bank of China Limited.” as a scheduled Bank with effect from August 18, 2011.”

The ICBC is a commercial bank. The bank provides personal banking services, including personal deposits, personal loans, bankcards, credit cards, fund investment and personal financing services.Besides, corporate banking services, including corporate deposits, loans, international settlements, international financing, management of corporate annuity, assets custody, investment banking and trade financing services.

It also provides services including electronic banking, online banking, telephone banking and mobile phone banking services, among others, as well as self-service banking business.The Bank also involves in provision of financial consulting and charge agency services. As of December 31, 2010, the Bank had 16,227 offices and branches in China, besides, overseas banking services in more than 20 countries worldwide. – Dailytimes