ICBC NZ becomes second Chinese lender to impair CBL loan, takes $10.2M provision

Tue, 03 Apr 2018

By Rebecca Howard April 3 (BusinessDesk) - ICBC New Zealand has taken a $10.2 million impairment on a loan to CBL Corp, becoming the second Chinese lender to reveal exposure to the insurance group which is in voluntary administration. ICBC NZ's latest disclosure statement said the lender could slip below the 2.5 percent minimum capital buffer ratio required by the central bank if additional provisioning becomes necessary. It follows the disclosure statement from Bank of China New Zealand, which showed a $12 million provision for impairme...

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