KARACHI: The Standard Chartered (SCB) Pakistan has entered into a strategic alliance with the Industrial and Commercial Bank of China (ICBC) for promotion of bilateral trade and investment between China and Pakistan. Under a memorandum of understanding (MoU) signed between the Standard Chartered and the ICBC, both banks will collaborate on ongoing 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 will embark upon a conceptual framework and guiding principle for the two banks through which the ICBC will benefit from the Standard Chartered’s presence and banking experience in Pakistan. The 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, Standard Chartered Pakistan CEO Shazad Dada said: “I am excited that we are entering into this important strategic relationship with the ICBC.”