ISLAMABAD - The Industrial and Commercial Bank of China (ICBC), China's largest commercial bank, inaugurated two branches in Karachi and Islamabad respectively on Friday.

Addressing the ceremony in Islamabad, Pakistani President Asif Ali Zardari said the ICBC initiative to open branches in Pakistan would begin a new era of cooperation in the banking sector of the two countries.

"The opening of ICBC branches, which coincided with the 60th anniversary of the diplomatic relations between Pakistan and China, will take the economic relations between the two countries to new heights," he said.

The president hoped that ICBC's investment in Pakistan would prove to be profitable and the bank would play a prominent role in channeling bilateral investments.

Huang Xilian, Chinese Charge d'Affairs to Pakistan, said the economic and trade cooperation between China and Pakistan is entering into a new historical stage of opportunities, featured with wide-range, multi-level and all-round.

ICBC President Yang Kaisheng said the increasingly closer economic ties between China and Pakistan has laid a sound foundation for ICBC's development in Pakistan.

Backed by its advantages in customer base, financial strength, network, IT and brand, ICBC Karachi and Islamabad branches will build up partnership with Chinese enterprises in Pakistan, support the local transportation, energy, telecommunications and other infrastructure, he said.

"They will provide quality and efficient service for companies and individuals, strive to become a bridge for Pakistan-China economic and financial cooperation and play an active role in facilitating the economic development of Pakistan," Yang said.

ICBC, ranking No 1 worldwide in terms of market capitalization, profits, customer deposits and brand value, has been granted banking license and business certificate by the Pakistani regulatory authorities, becoming the first Chinese commercial bank operating in Pakistan.