China’s banking heavyweight registered as bank in NZ

Staff reporters
Mon, 18 May 2020

The Reserve Bank today announced that it has registered the Industrial and Commercial Bank of China to provide banking services in New Zealand.ICBC is incorporated in China and will operate in New Zealand as a branch, the RBNZ said. According to S&P Global, ICBC has about $4.3 trillion of assets under management, making it the world's largest bank. An NZ subsidiary of ICBC has been registered to provide banking services in New Zealand since November 2013.The branch is expected to expand and complement banking services provided...
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