The Industrial and Commercial Bank of China (ICBC) has received regulatory approval from the Reserve Bank of New Zealand (RBNZ) to commence banking operations in the country.
In New Zealand, ICBC will operate as a branch of its Chinese parent company, RBNZ said in its press release.
As per its dual registration policy, the RBNZ will also allow the Beijing-based commercial bank to operate through its already existing subsidiary in the country under the name ICBC New Zealand.
The New Zealand unit of ICBC has been established and registered to provide banking services in the country back in 2013.
However, ICBC’s branch operations will be limited by the nature and volume of business conducted.
It is expected to complement the existing banking services provided by ICBC New Zealand, which includes the facilitation of wholesale banking services as well.
Moreover, the RBNZ also reported that there are now 27 registered banks in the country.
According to sources, as many as 22 registered banks have been rated ‘A’ (strong) or ‘AA’ (very strong) by credit rating agencies Standard & Poor’s, Moody’s and Fitch.
Out of the 27 registered banks, ANZ, CBA, Bank of China, CCB, Citibank, JPMorgan Chase, Kookmin Bank, MUFG Bank, Rabobank, Westpac and HSBC are operating as branches of overseas-incorporated banks.