The Reserve Bank of New Zealand (RBNZ) has granted a license to China Construction Bank (CCB) to establish a subsidiary in the country and start banking operations.
The new entity, whose name has been changed to China Construction Bank (New Zealand) Limited, will initially concentrate on commercial banking services.
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Chinese lender’s local arm chairwoman Dame Jenny Shipley was quoted by the New Zeeland Herald as saying that the bank has also recieved a license by the country’s Reserve Bank to operate a full range of banking services, including retail banking.
Its registration follows that of the Industrial and Commercial Bank of China, which became the first Chinese bank to register in New Zealand last November.
In 2013, the Chinese bank offered a $50m capital injection to establish a New Zealand subsidiary, adding to its branches in Germany, South Africa, Vietnam, Russia, the US, Korea, Australia, Singapore, Taiwan and Japan, as well as a wholly-owned subsidiary in the UK.
Listed on the Shanghai and Hong Kong stock exchanges, China Construction Bank, manages 14,650 branches in Mainland China, and serves three million corporate clients and 291 million retail customers.
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