Pakistan takes over SCO Interbank Consortium chairmanship for 2026-27
Pakistan has assumed the chairmanship of the Shanghai Cooperation Organisation Interbank Consortium for 2026-27. HBL Chairman Sultan Ali Allana has taken over as consortium chairman, the Ministry of Finance said.
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- Pakistan chairs the SCO Interbank Consortium for 2026-27.
- HBL Chairman Sultan Ali Allana is the consortium chairman.
- The term coincides with Pakistan's chairmanship of the SCO itself.
Pakistan has assumed the chairmanship of the Shanghai Cooperation Organisation Interbank Consortium (SCO-IBC) for the 2026-27 term. The Ministry of Finance announced the development on Monday in a post on X.
Sultan Ali Allana, the chairman of Habib Bank Limited (HBL), has taken over as chairman of the consortium. Pakistan is represented in the consortium by HBL.
The ministry said the chairmanship coincides with Pakistan's chairmanship of the SCO for the same period.
In its statement, the Ministry of Finance said it congratulates Allana on assuming this important responsibility. It reaffirmed Pakistan's commitment to strengthening economic partnerships among SCO member states, facilitating cross-border trade and investment, and advancing regional integration and shared prosperity. Minute Mirror reported that the ministry also said Pakistan would play an active role in strengthening financial and economic cooperation among member states.
The SCO Interbank Consortium was established in 2005. It is a platform for banks from SCO member states to cooperate, including on investment and financing initiatives.
Pakistan became a full member of the SCO in 2017, after holding observer status since 2005. The Express Tribune and Minute Mirror noted that Pakistan hosted a joint counterterrorism exercise with China at the National Counter-Terrorism Centre in Pabbi in 2021, and an SCO seminar on military medicine in Rawalpindi in March 2024.
In October 2024, Islamabad hosted the 23rd meeting of the SCO Council of Heads of Government. Delegations from all 10 member states attended, with eight represented by their prime ministers. Pakistan has also hosted discussions on regional transport connectivity and poverty alleviation under the SCO framework.
Why it matters
The role places a Pakistani banker at the head of a platform for banks in SCO member states, at a time when Pakistan also chairs the SCO. The Ministry of Finance says it is committed to easier cross-border trade and investment.
