Reserve Bank registers ICBC to provide banking services in NZ

The Reserve Bank today announced that it has registered Industrial and Commercial Bank of China Limited ("ICBC") to provide banking services in New Zealand.

Industrial and Commercial Bank of China Limited is incorporated in the People's Republic of China and will operate in New Zealand as a branch. A New Zealand subsidiary of ICBC (the Industrial and Commercial Bank of China (New Zealand) Limited) has been registered to provide banking services in New Zealand since November 2013.

Consistent with the Reserve Bank's dual-registration policy, the Reserve Bank expects ICBC to conduct business in New Zealand through both the branch and the subsidiary, although there are limits on the nature and amount of business conducted through the branch. The branch is expected to expand and complement banking services provided in New Zealand by the subsidiary, including facilitation of wholesale banking services.

There are now 27 registered banks in New Zealand.