​Pakistan, Karachi – 16 October 2023

HBL has become an official signatory of the UN Principles for Responsible Banking – a single framework for a sustainable banking industry developed through a collaboration between banks worldwide and the United Nations Environment Programme Finance Initiative (UNEP FI).

As part of its commitments as a Principles for Responsible Banking (PRB) signatory, HBL has also chosen to join the Net-Zero Banking Alliance (NZBA), an industry-led, UN-convened alliance of banks worldwide, committed to aligning their lending and investment portfolios with net-zero emissions by 2050 and setting interim targets for 2030 or sooner, in line with the most ambitious temperature goals set by the Paris Climate Agreement.

The Principles for Responsible Banking are the world’s foremost sustainable banking framework. Through the Principles, banks take action to align their core strategy, decision-making, lending and investment with the UN Sustainable Development Goals, and international agreements such as the Paris Climate Agreement. Under the Principles, signatory banks identify and measure the environmental and social impact resulting from their business activities, set and implement targets where they have the most significant impact, and regularly report publicly on their progress.

NZBA is the climate accelerator of the PRB. With over 130 members from more than 40 countries, representing around 41% of global banking assets accounting for USD 74 trillion, it recognizes the vital role of banks in supporting the global transition of the real economy to net-zero emissions, supporting members to design, set, and achieve credible science-based net zero targets that align with limiting global temperature rise to 1.5 °C.

HBL is proud to join peers from the banking industry take on a leadership role, demonstrating how banking products, services and relationships can support and accelerate the changes necessary to achieve shared prosperity for both current and future generations, building a positive future for both people and planet, including the collective efforts outlined by NZBA to reach net-zero emissions by 2050. We look forward to collaborating with the world’s largest global banking community focused on sustainable finance, working together on practical guidance and pioneering tools of benefit to the entire industry.

This is a journey of unprecedented scale and scope at a time when such ambition is urgently needed to address the major planetary crises of climate change, nature loss, pollution and social issues. Together, these collective efforts will ensure that profitability goes hand in hand with a sense of purpose.

Commenting on the initiative, Muhammad Aurangzeb, President & CEO - HBL, stated, “We are promoting sustainable practices within the HBL community and across the financial services industry. HBL is following the path that has been defined by the AKDN Environment and Climate Change Commitment, envisaging a Net Zero goal by 2030. Through our commitment as signatories to NZBA & PRB, we are setting a new standard for sustainable banking in Pakistan. UNEP FI’s expertise and resources are essential to achieving our ambitious goals, and we are confident that our partnership will help us accelerate the transition to a net zero economy and build a more sustainable future for all.”

​Pakistan, Karachi – 23 October 2023

HBL achieved disbursement of over Rs 1 billion in Electronic Warehouse Receipt (EWR) financing. The milestone was facilitated by quality warehousing of over 20,000 metric tons of maize and paddy/rice, (over 500,000 monds). HBL is a pioneer in EWR financing with a 60% market share and the only bank that has achieved the SBP targets allocated for this innovative product.

The facility enables farmers to store their maize/paddy harvest at warehouses accredited by an independent collateral management company for the EWR repository. Farmers can avail financing up to 70% of the value in a convenient and cost-effective way. This innovative financing solution supports farmers by avoiding distress sales and improving food security by minimizing post-harvest losses.

Commenting on this achievement Aamir Kureshi, Head Consumer, Agriculture & SME Banking – HBL, said, “EWR financing has the potential to transform the agricultural sector in Pakistan. It enables farmers access to quality warehousing and easy financing facilities against stored commodities without any conventional collateral. This helps in the reduction of post-harvest losses and improvement in farmers’ profitability. This will go a long way in bringing sustainability to food chains and uplifting rural communities. HBL is committed to supporting the ecosystem by creating awareness among various agri stakeholders including farmers.”

Pakistan, Karachi – 25 October 2023

HBL today declared another record quarterly profit for Q3’23 with a profit before tax (PBT) of Rs 32.0 billion. The Bank’s consolidated PBT of Rs 83.5 billion for the nine months of 2023 was 50% higher than the PBT for 9M’22. Despite continued excessive taxation on the banking sector, the Bank’s profit after tax (PAT) for 9M’23 grew by 82% to Rs 43.0 billion over the same period last year. Earnings per share for the first nine months were Rs 29.20 compared to Rs 15.95 for 9M’22. Along with the results, the Bank declared an interim cash dividend of Rs 2.25 per share (22.50%). This is in addition to the Interim Cash Dividend already paid at Rs 3.50 per share (35%).

HBL’s fortress balance sheet grew by 19% over December 2022 to cross Rs 5.5 trillion, on the back of robust deposit growth. Domestic deposits grew by more than Rs 400 billion over December 2022 and now stand at Rs 3.3 trillion; HBL’s total deposits reached ~Rs 4.0 trillion. During the quarter, domestic advances increased by 5%; even in the face of macroeconomic headwinds, Consumer loans grew by Rs 4 billion over December 2022, agriculture lending touched new highs and microfinance loans increased by 12%.

The impact of rising rates continues to flow through to asset prices; the average domestic balance sheet grew by Rs 433 billion, while net interest margins improved by 194 bps. This was well supported by substantially higher interest income from the international business. Consequently, HBL’s total net interest income grew by 53% to Rs 178 billion. Trade, consumer finance and cash management also made solid contributions, delivering high double-digit fee growth. Total fees increased by 34% to Rs 30 billion, and the Bank’s total revenue for the first nine months of 2023 increased by 42%, to Rs 216 billion.

Despite record inflationary levels, proactive cost management and strong revenue growth enabled us to reduce the cost / income ratio from 60.0% in 9M’22 to 57.1% in 9M’23. With the growth in loans during the quarter, the infection ratio reverted down to 5% from 5.5% in Q2’23. Prudent provisioning has ensured that coverage remains in excess of 100%. The strong profitability also improved the Bank’s Capital Adequacy Ratio by 91 bps, to 16.1%

Commenting on the Bank’s performance, Muhammad Aurangzeb, President & CEO - HBL said, “HBL had a record quarter, driven by excellent results across all domestic business segments and a further improvement in profitability from the international franchise. The Bank continues to provide innovative products and financial solutions to its clients whilst promoting sustainable practices within the HBL community and across the financial services industry. We are investing in cutting-edge methods, practices and technologies to support Pakistani farmers and address the related challenges of agriculture, food security, and climate change. In Q3’23 HBL became a signatory of the UN Principles of Responsible Banking; this commitment will help us accelerate the transition to a net zero economy. The Bank’s Impact & Sustainability Report – 2022 illustrates the new standards for sustainable banking that we are setting in Pakistan, on our journey to being “More Than Just a Bank”.

Business Developments

HBL’s digital channels continue to play a significant role in shaping Pakistan’s financial landscape, connecting both clients and businesses. HBL Mobile, and Konnect by HBL’s user base expanded to over 4 million users, resulting in 49% more digital transactions than to the same period last year. This led to over Rs 1.3 trillion processed by our mobile apps, double the amount in Q3’22.

HBL’s mission is to rapidly digitalize the payments landscape of Pakistan. E-commerce products i.e., checkout, tap & pay, and digital invoicing collectively processed over Rs 14 billion through 1.6 million transactions, growing throughput and transactions by 58% and 45% respectively, since Q3’22. The Billing Aggregator enabled over Rs 640 billion in payments made through over 24 million transactions, registering growths of 60% and 16% respectively since Q2’22. HBL remains the first bank in the industry to provide the end-to-end debit card e-commerce acquiring and issuing journey on the domestic PayPak scheme.

HBL continues to lead the market in terms of fees, with another stellar performance from its flagship Cards business, which accounted for more than most of the fee increase. Credit Card usage grew 43% over the previous year; Rs 1 out of every Rs 3 spent is on the HBL Credit Card. The portfolio is now more than Rs 30 billion, representing a massive 39% increase over the previous year. With over 7 million Debit Cards in circulation, HBL Debit Cards continues to be the largest card issuer. Spend has increased by 55% over the previous year; Rs 1 out of every Rs 5 spent in Pakistan is on the HBL Debit Card.

HBL is fully committed to growing the SME business in a significant and sustainable way with a portfolio size of Rs 84 billion, the highest in the industry. During the year, the Bank disbursed over Rs 1.5 billion to more than 550 women entrepreneurs in underserved areas. HBL Nisa, a platform dedicated to developing financial solutions for women, crossed over 1,000,000 clients with a deposit base of Rs 165 billion. HBL plays a leading role in developing the agriculture sector and promoting sustainable food supply chains. With a market share of 35%, HBL has the largest Agriculture financing portfolio amongst commercial banks. The Bank continues to grow lending to this critical component of Pakistan’s economy. In line with its financial inclusion goals, HBL championed the banking industry in Balochistan, with 78% growth in Agriculture financing in the province.

Reiterating our commitment to providing clients with Shariah-compliant solutions for all their banking needs, more than 70,000 new accounts were added to the Konnect Islamic portfolio. The brick-and-mortar footprint was also expanded, reaching a total of 330 branches.

Transaction & Employee Banking maintained its leadership position in cash management with throughput increased from Rs 9.1 trillion in 2022 to Rs 10.8 trillion in 2023, showing a 19% volume growth.

Under the guidelines of the Aga Khan Development Network, HBL remains focused on sustainability and green operations initiatives. The Bank became a member of UNEP FI making it a signatory to Principles of Responsible Banking (PRB) and Net Zero Banking Alliance (NZBA). Moreover, the Bank also joined the Capacity Building Alliance of Sustainable Investment (CASI) and became the first CASI member in Pakistan. HBL has also installed solar panels on a total of 232 sites, which has resulted in a reduction of 433MT of CO2 emissions annually. Through the Annual Plantation Drive, the Bank has planted 86,130 saplings during the year. HBL has contributed over Rs 4 billion - spread over a decade - for the social uplift of Pakistan. In 2022 alone, the Bank contributed over Rs 580 million.

HBL’s TikTok-led campaign for HBLPSL 8 was a record-shattering - 21 billion video views - initiative, setting new standards not just for HBL but for TikTok in Pakistan. TikTok has published a case study on HBLPSL on their global website. The case celebrates the #JahanFansWahanStadium campaign and highlights the ground-breaking achievements of HBL with 21 billion video views on the platform.

During the quarter, HBL has won multiple awards including Best Investment Bank Pakistan 2023 and Best Project Finance Bank Pakistan 2023 by Global Banking & Finance Awards. The Bank was also awarded Digital Business Banking Initiative of the Year – Pakistan and Digital Consumer Banking Initiative of the Year – Pakistan by Asian Banking & Finance Retail Banking Awards 2023.

Abrar Mir, Chief Innovation & Financial Inclusion Officer – HBL (standing 1st from left), Muhammad Aurangzeb, President & CEO – HBL (standing 2nd from left), Dr. Umar Saif, Caretaker Federal Minister for IT & Telecommunication (standing 3rd from left), Dr. Saleem Ullah, Deputy Governor – SBP (standing 3rd from right), Muhammad Zohaib, Chairman - P@SHA (standing 2nd from right) and Luqman Shaukat, Head of Products & Growth – HBL (standing 1st from right) attended the signing ceremony. Aamir Hameed, Head Branchless Banking – HBL (sitting 1st from left), and Nadeem Aslam Malik, Secretary General – P@SHA (sitting 1st from right) signed the agreement. Senior officials from both organizations were also present on the occasion.​

Pakistan, Karachi – 26 October 2023

Caretaker Federal Minister for IT & Telecommunication Dr. Umar Saif has said that no doubt about the potential in Pakistan’s IT sector, the industry is playing a significant role in the stability of the country’s economy, the government is taking vigorous steps to provide all possible facilities to the IT industry. There is a need to be Brand Pakistan and marketed globally in the desired manner. He said this while addressing the signing ceremony for the strategic partnership between HBL and the Pakistan Software Houses Association (P@SHA) held at the HBL Tower in Karachi on Thursday

Dr. Umar Saif further said, “I am delighted to be part of the event and hope that this collaboration will play a vital role and fostering the growth and development of the IT sector domestically and internationally.” Mentioning the role of the Special Investment Facilitation Council (SIFC), the IT Minister said that all required facilities are being provided to boost the IT & Telecom sector.

Dr. Saif highlighted the SIFC’s recent decision that IT companies have now been allowed to retain 50% of their revenue in US dollar accounts. These companies will also be provided with corporate debit cards by the banks, which can be freely used to make international payments. This step has been taken on the recommendation of the IT industry (P@SHA) aimed to encourage the Information Technology (IT) and IT-enabled Services (ITeS) to boost export earnings and bring additional foreign exchange into the country.

It is worth mentioning here that HBL, Pakistan’s Best Bank, has entered a multi-year partnership with P@SHA, the country’s only IT industry association, to support them in launching a series of impactful engagements locally and globally. Through this collaboration, HBL aims to join forces with P@SHA in positioning Pakistan as a growing tech destination in the global market. The Bank’s extensive collaboration with IT and digital stakeholders has given it a deep understanding of the industry’s needs, enabling it to offer tailored financial and technological solutions.

Commenting on the initiative, Muhammad Aurangzeb, President & CEO – HBL, said, “We believe that the IT industry has the potential to be a major driver of economic growth and job creation in Pakistan. HBL’s collaboration with P@SHA is a testament to the Bank’s commitment to becoming a ‘Technology Company with a Banking License’. It will provide an opportunity for HBL to engage with key stakeholders in the IT, freelancer, software, and gaming industry and showcase its innovative financial solutions and services that can meet the specific needs of the IT sector.”

Speaking at the occasion, Muhammad Zohaib Khan, Chairman – P@SHA, said: “With HBL by our side, P@SHA is ready to embark on a transformative journey for Pakistan’s tech landscape. This strategic partnership will propel us toward realizing our vision of making Pakistan a hub for technology excellence. Together, we will open new doors of opportunity, innovation, and global recognition for our IT industry.”

• Pakistan’s women entrepreneurs are invited to apply for grants worth USD 50,000, a tailored training program and access to networking and mentoring opportunities. Applications are open until 2 December 2023.
• Visa shares findings from She’s Next Women SMB Digitization Index survey of Pakistani women entrepreneurs including:
• Women-owned businesses find funding a challenge, with 86% dipping into personal savings
• 99% of women entrepreneurs have plans to digitize their business
• 98% of women-led businesses are interested in payment related training
• 67% women entrepreneurs believe transition to a cashless business with digitization is a huge opportunity

Karachi, Pakistan, November 1, 2023:

Women-led businesses in Pakistan primarily face funding, digitization and advisory challenges according to Visa’s Women SMB Digitization Index survey. In order to address these challenges, Visa, a world leader in digital payments is launching its global She’s Next grant program in Pakistan for the first time in partnership with HBL, Pakistan’s largest private bank, which serves more than 36 million clients worldwide.

She’s Next, empowered by Visa, is a global advocacy program that aims to support women-owned small businesses through funding, training and mentorship. Starting today, women entrepreneurs from all industries and sectors in Pakistan can apply on the She’s Next website for a chance to be among five winners to receive a grant of US$ 10,000 each. Winners will also have access to a range of benefits including a tailored training program, She’s Next Club resources such as a workshop library and a community of entrepreneurs. Applications are open until 2 December 2023.

Umar S. Khan, Country Manager for Pakistan, Visa, commented: “We’re proud to bring our successful ‘She’s Next’ global program to Pakistan, in partnership with HBL. Women entrepreneurs form a small percentage of the SME sector in Pakistan, facing unique challenges such as limited access to capital, lack of mentorship and dealing with gender stereotyping concerns where they are considered less capable of handling high-pressure situations. Currently, a robust digital infrastructure is critical for them to scale their businesses. She’s Next, underscores this vital shift, recognizes the potential of women entrepreneurs, and supports them to thrive innovatively.”

Aamir Kureshi, Head Consumer, Agriculture & SME banking – HBL, said: “HBL is committed to increasing women participation in the economy by supporting financial inclusion. HBL and Visa have collaborated in She’s Next to develop women entrepreneurs. Through this partnership, we aim to provide women the skill set and training, so they have greater opportunities to improve their lives.” To better understand the desires and challenges of female entrepreneurs in Pakistan face, Visa ran the Women SMB Digitization Index survey which revealed key aspects of the entrepreneurial journey and identified themes that would drive empowerment:

Theme 1: A Challenging Business Environment

Women in Pakistan are passionate about entrepreneurship, citing financial independence (48%) and leadership (41%) as top motivations. Funding their business is a serious challenge with 86% of women dipping into their personal savings, while 63% respondents rely on friends and family.

Theme 2: Advice from fellow entrepreneurs

Women entrepreneurs in Pakistan are eager to learn from their peers, with many women entrepreneurs requiring specific assistance on overcoming problems (61%), developing online sales (54%), and building a team of employees (43%). Nearly all (98%) women are keen on payment related training. A section of women (33%) seek advice on the types of payments accepted from customers and are interested in workshops on managing stress in crisis (46%), using social media for promotion (40%), and creating an online store (32%).

Theme 3: Digitization

Seven in 10 women entrepreneurs claim to be digitally savvy, with 99% respondents planning to digitize their business focusing on digital marketing, business leadership, AI and automation, software implementation, and analytics tools to generate insights and tools for customer engagement and retention. Most women entrepreneurs (69%) use both cash and cashless modes of payment, with digital payments weighing over cash in online and offline selling platforms. Since 2020, Visa has invested around US$ 3 million in over 250 grants and coaching for women SMB owners through the She’s Next grant program globally including in US, Canada, India, Ireland, Ukraine, Saudi Arabia, UAE, Egypt and Morocco.

About She’s Next Women SMB Digitization Index Research

She’s Next Women SMB Digitization Index, was a survey to dive into the women entrepreneurial journey. The businesses covered were a mix of small, medium, and micro businesses spanning across manufacturing, trading, and services. The aim of the research is to understand the motivations and challenges faced by the women entrepreneurs, with a special focus on digitization. The study was commissioned by Visa and managed by 4SiGHT Research and Analytics.

About Visa Inc.

Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at About Visa, visamiddleeast.com/blog and @Visacemea

About HBL:

HBL was the first Pakistani commercial bank to be established in Pakistan in 1947. Over the years, HBL has grown its branch network and maintained its position as the largest private sector bank in Pakistan with 1750+ branches, 2200+ ATMs, 55,000+ Konnect by HBL agents (branchless banking platform), 47,000+ QR locations serving over 36 million clients worldwide. It is currently the largest Domestic Bank with a presence across major trade zones in the world. The Bank is recognized as the leading financial institution of the country for its client-centric innovation in financial services.

Key Highlights of the campaign:

• TikTok has recognized HBLPSL campaign as a global success story.
• 97% Pakistani TikTok users reached.
• 8.9 million videos created.
• Over 8.7 billion video views.
• HBL’s TikTok has over 550,000 followers* - highest in the banking industry.
*As of 31 October 2023

Pakistan, Karachi - 6 November 2023:

TikTok, the leading destination for short-form mobile video has published a case study on HBL’s campaign for HBLPSL Season 8 on its global website. The case celebrates the #JahanFansWahanStadium campaign and highlights the ground-breaking achievements of HBL. During the campaign, 8.9 million videos were created, generating over 8.7 billion views on the platform and it reached an incredible 97% Pakistani TikTok users. HBL is Pakistan’s no. 1 bank on TikTok with over 550,000 followers.

#JahanFansWahanStadium invited cricket fans to showcase and celebrate their passion for HBLPSL by posting interesting videos using the hashtag. Influencers were also engaged to create interest in the campaign. The popular and catchy HBLPSL anthem served as the perfect soundtrack, enhancing the atmosphere of every celebratory moment. By capitalizing on the enthusiasm surrounding the HBLPSL Season 8, the campaign united cricket fans and provided them with an exciting outlet to express their love for the sport on TikTok.

Speaking on the achievement, Ali Habib, Chief Marketing & Communications Officer – HBL, said “As HBL pivots towards the future, TikTok is an essential partner in helping us reach the next generation of Pakistanis. With the “Jahan Fans Wahan Stadium” hashtag challenge campaign, we were able to tap into the passion of cricket fans in Pakistan and create a truly immersive and interactive experience. The campaign was a huge success, with millions of young Pakistanis participating in, and sharing their love for HBLPSL, on TikTok.”

Commenting on the case study, Faiza Zafar, Partnerships Lead, Global Business Solutions, TikTok - Pakistan, said “We’re very proud of the work we’ve done with HBL on this landmark campaign. By leveraging the premium placement and mass reach of our ad solutions, while also working with TikTok’s brilliant community of creators, #JahanFansWahanStadium became a resounding success on TikTok. We’re looking forward to more collaborations with HBL in the future as they continue to successfully engage with the next generation of customers in Pakistan.”

Mian Muhammad Latif, Chairman – Chenab Limited (standing 1st from left), Mr. Saleem Ullah, Deputy Governor – State Bank of Pakistan (standing 2nd from left), and Muhammad Aurangzeb, President & CEO – HBL (standing 3rd from left) at the “Chenab Rising” event.

Pakistan, Karachi - 8 November 2023:

Chenab Limited is now on its way to achieving its lost glory. Chenab was once Pakistan’s largest exporter of home textile products. The firm faced a complete meltdown after the industrial crises of 2008-10 for reasons beyond its control.

Lenders to the company led by HBL, facilitated the implementation of a comprehensive rehabilitation plan in line with the vision of State Bank of Pakistan (SBP) to revive sick industrial units to recontribute to the economy.

To showcase its revival, Chenab Limited organized an event with the theme “Chenab Rising”. The event was attended by Mr. Saleem Ullah, Deputy Governor – State Bank of Pakistan along with representatives of more than 20 Banks. Participants at the event appreciated the regulator’s vision to revive the stressed/closed units. They also commended the positive role played by HBL in converting this vision into reality. Due to these efforts, Chenab Limited successfully delivered Rs 2.5 billion in revenue in the first 18 months of operation, employing 3,000 people, with the potential for further growth.

Speaking on the revival of Chenab Limited, Mian Muhammad Latif, Chairman – Chenab Limited, said, “At one point I did feel the pressure of giving up but there was always a firm belief that we can revive Chenab back to its optimal value; certainly, this required sacrifices which we all were ready to undertake for the greater cause of revival. Chenab’s revival is a testament to the power of perseverance and determination. It is also a reminder that even in the darkest of times, there is always hope. I encourage all entrepreneurs to never give up on their dreams, no matter how difficult things may seem. I am grateful to our banking partners especially HBL for believing in our dreams and helping us to get back on our feet.”

Speaking about this success story, Muhammad Aurangzeb, President & CEO – HBL, said, “The revival of Chenab stems from the Bank’s strategy of ‘Growing Pakistan’s Economy’, a pillar of which is corporate restructuring. Through these capacity-building efforts, the Bank continues to deliver against its sustainable banking practices in the process of becoming ‘More Than Just a Bank’.”

Muhammad Aurangzeb, President & CEO – HBL (standing 4th from right) inaugurated the HBL Islamic Prestige Lounge located in GPO Haider Chowk, Rawalpindi. Valued clients and senior leaders of the Bank were also present at the inauguration.​

​Pakistan, Karachi - 13 November 2023:

HBL inaugurated its 8th Islamic Prestige Lounge located in GPO Haider Chowk, Rawalpindi. The Prestige footprint is now spread across 17 cities including an international footprint in Jumeirah, Dubai with plans to expand further. The inauguration of the lounge was done by Muhammad Aurangzeb, President & CEO – HBL accompanied by valued clients and senior leaders of the Bank.​

​HBL Prestige provides a world-class banking experience to high-net-worth individuals (HNWIs). This exclusive Islamic proposition offers Shariah-compliant banking solutions to our clients. The proposition includes seamless instant account opening with tailored solutions through dedicated digital & physical channels and portfolio managers. The account offers personalized banking services to its clients including but not limited to instant world elite debit card issuance, top-notch alliances, Multi-layered secure lockers, and dedicated conference rooms. The state-of-the-art Prestige Lounges are located strategically in high-visibility areas of key cities.

​Commenting on the occasion, Muhammad Aurangzeb, President & CEO – HBL said, “We are delighted to inaugurate our state-of-the-art HBL Islamic Prestige Lounge at GPO Haider Chowk, Rawalpindi. This lounge is a good demonstration of HBL merging two of its key business priorities namely meeting the demand for Shariah-compliant solutions & services and serving our high-net-worth clients across Pakistan.”

Farhan Talib, Head of International Banking - HBL (designate), and Yu Xiaoming, DGM Financial Institutions - BOC signed the agreement in the presence of Liu Jin, Vice Chairman & President - BOC (standing 3rd from right), Sultan Ali Allana, Chairman - HBL, (standing 3rd from left) and Muhammad Aurangzeb, President & CEO - HBL (standing 2nd from left).

​Pakistan, Karachi - 15 November 2023:

HBL and the Bank of China (BOC) signed a Memorandum of Understanding (MoU) for Strategic Cooperation at the BOC headquarters in Beijing, China. Liu Jin, Vice Chairman & President - Bank of China, Sultan Ali Allana, Chairman - HBL, and Muhammad Aurangzeb, President & CEO - HBL represented their respective institutions.

The signing of the strategic cooperation memorandum signifies HBL and BOC’s commitment to drive economic empowerment and regional connectivity. The cooperation between HBL and BOC will facilitate seamless trade opportunities, benefiting businesses in South Asia, Middle East, Central Asia, and Africa.

Both the organizations will also work to deepen strategic cooperation in the areas of Environmental, Social & Governance (ESG), technology, and training.

Bank of China is a premier bank in China with presence in over 60 markets around the world while HBL serves over 15 global markets with dedicated China desks and branches in Beijing and Urumqi.