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ICBC to provide banking services in New Zealand

Tuesday 19 May 2020 11:01 CET | News

The Industrial and Commercial Bank of China Limited (ICBC) has registered to provide banking services in New Zealand.

A New Zealand subsidiary of ICBC was registered to provide banking services in November 2013. According to Newshub, ICBC will operate in New Zealand as a branch.

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. 


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Keywords: Industrial and Commercial Bank of China, ICBC, New Zealand, banks, banking, Reserve Bank
Categories: Banking & Fintech | E-invoicing, SCF & E-procurement
Countries: New Zealand
This article is part of category

Banking & Fintech