China Construction Bank board approves plan for NZ subsidiary

Mon, 25 Mar 2013

March 25 (BusinessDesk) - China Construction Bank, the world's second biggest lender by market value, has got board approval to set up a subsidiary in New Zealand. The bank's board, which counts former Prime Minister Dame Jenny Shipley among its directors, unanimously approved a proposal to set up a subsidiary in Auckland, with a capital injection of US$50 million. The resolution was one of 18 passed at a March 22 meeting, and announced in a statement to the Hong Kong Stock Exchange. The Chinese lender already has branches in Germany, Sout...

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