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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