Beijing, (Xinhua) : Pakistan’s Habib Bank set up a branch in Urumqi, capital of northwest China’s Xinjiang Uyghur Autonomous Region on Wednesday.

The branch, unveiled at the ongoing China-Eurasia Expo, makes Habib Bank the first foreign bank from a country on the Silk Road Economic Belt to establish a branch in China, Xinhua news agency reported.

Nauman Kramat Dar, Habib Bank’s Chief Executive Officer, said that Xinjiang’s development will surpass that of China’s other regions in the next five years, and it was the best timing to build a branch in the region.

As an important area in Central Asia and South Asia, Urumqi has obvious geographical advantages, Dar said, adding that setting a branch here will allow Habib Bank to participate more in the development of Xinjiang, Pakistan and Central Asia.

Habib Bank also signed a $500 million cooperation deal with China Export & Credit Insurance Corporation at the expo.

Established in 1947, Habib Bank is Pakistan’s biggest commercial bank, accounting for more than 40 per cent of the country’s bank market.