Pakistan has assumed the chairmanship of the Shanghai Cooperation Organisation Interbank Consortium (SCO-IBC) for the 2026-27 term, with Habib Bank Limited (HBL) Chairman Sultan Ali Allana taking over as head of the regional financial cooperation platform. The appointment comes as Pakistan also holds the chairmanship of the Shanghai Cooperation Organisation (SCO) Council of Heads of State, creating an opportunity for the country to engage with member states on regional banking, investment and economic development initiatives.
In a statement issued on Monday, November 2, the Ministry of Finance congratulated Allana on assuming the leadership position and reaffirmed Pakistan’s commitment to strengthening economic partnerships among SCO member countries. The ministry said the country would use its term to promote closer financial cooperation, facilitate cross-border trade and investment, and support initiatives aimed at advancing regional economic integration.
The SCO Interbank Consortium provides a platform for financial institutions from member states to coordinate and develop cooperation in areas connected with regional economic activity. Its work includes supporting sustainable development through collaboration with multilateral institutions, encouraging trade and investment between participating countries, and exploring financing arrangements for large-scale projects that involve more than one country.
The consortium’s role is particularly relevant to regional development projects that require financial participation from multiple institutions and markets. By bringing banks from SCO member states together, the platform can help establish channels for cooperation on financing requirements, investment opportunities and cross-border commercial activity. Its work also provides a framework for financial institutions to engage with one another on projects that support connectivity and economic development across the region.
HBL’s participation in the consortium dates back to August 8, 2014, when the Pakistani bank joined as a partner institution. It later became a full member during the consortium’s 14th annual council meeting in June 2018. The bank’s involvement has provided Pakistan with representation through one of its major financial institutions in the SCO’s interbank cooperation structure.
HBL 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 nomination placed the leadership responsibility with Pakistan’s banking sector ahead of the country’s formal assumption of the consortium chairmanship.
Allana’s appointment also coincides with Pakistan taking over the chairmanship of the SCO Council of Heads of State in September 2026. The two leadership roles place Pakistan in a position to participate in discussions covering both the broader political and economic agenda of the organisation and the financial cooperation activities carried out through its interbank platform.
For Pakistan, the 2026-27 term offers a channel to highlight opportunities for regional financial collaboration, particularly in trade financing, investment and funding for cross-border infrastructure and development projects. Stronger cooperation among banks can support businesses seeking to operate across regional markets by improving institutional coordination and facilitating discussions around financing arrangements. The Ministry of Finance has identified these areas as priorities for the country’s chairmanship.
The SCO brings together member states across a large and economically diverse region. Cooperation through its interbank consortium is intended to complement the organisation’s wider economic objectives by connecting financial institutions and supporting mechanisms for investment and sustainable development. The platform’s engagement with multilateral institutions also provides scope for exploring financing structures for projects that require resources and participation beyond individual national markets.
Pakistan’s leadership of the consortium will therefore place its banking sector at the centre of a regional financial cooperation mechanism during the coming term. HBL’s role as a full member and its nomination to lead the council reflect the bank’s participation in the platform since 2014. The Ministry of Finance’s stated priorities indicate that Pakistan intends to focus on practical areas of cooperation, including cross-border trade, investment, financial partnerships and regional development financing.
The chairmanship will run through the 2026-27 term, during which Pakistan is expected to engage with other member states and participating financial institutions on the consortium’s objectives. The extent of progress will depend on cooperation among member banks, the development of financing opportunities and the ability to translate regional discussions into projects and commercial activity.
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