Pakistan assumes SCO Interbank Consortium chairmanship

HBL Chairman Sultan Ali Allana assumes leadership role as Pakistan seeks to strengthen regional financial cooperation, trade, investment and cross-border development projects Pakistan has assumed the chairmanship of the Shanghai Cooperation Organisation Interbank Consortium (SCO-IBC) for 2026-27, with HBL Chairman Sultan Ali Allana taking over as chairman of the consortium amid the country's concurrent leadership of the SCO. In a statement issued on Monday, the Ministry of Finance congratulated Allana on assuming the position and reaffirmed Pakistan's commitment to strengthening economic partnerships among SCO member states. The ministry said Pakistan would focus on facilitating cross-border trade and investment, expanding financial cooperation and advancing regional economic integration during its chairmanship. The SCO-IBC serves as a platform for financial cooperation among SCO member states, supporting sustainable development through collaboration with multilateral institutions. The consortium also works to promote regional trade and investment and explore financing mechanisms for transnational mega projects. HBL, Pakistan's largest bank, joined the consortium as a partner bank on August 8, 2014, before becoming a full member at its 14th annual council meeting in June 2018. The bank was nominated to chair the SCO-IBC Council for the 2026-27 term during the consortium's annual council meeting held in Bishkek, Kyrgyzstan, on July 2, 2026. The appointment coincides with Pakistan's assumption of the chairmanship of the SCO Council of Heads of State in September 2026.