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Reserve Bank registers China Construction Bank

China Construction Bank, which last year decided to set up a New Zealand subsidiary, has been licensed by the Reserve Bank, making it the country's 24th registered lender.

The central bank, which regulates the local banking sector, registered CCB New Zealand as a bank, and the lender will change its name to China Construction Bank (New Zealand), the RBNZ said in a statement. The Chinese bank last year approved a US$50 million capital injection to set up a New Zealand subsidiary, adding to its branches in Germany, South Africa, Vietnam, Russia, the US, Korea, Australia, Singapore, Taiwan and Japan, and a wholly-owned subsidiary in the UK.

The local subsidiary counts former Prime Minister Jenny Shipley and ex-PwC chairman John Shewan as directors, according to Companies Office filings.

China Construction Bank is the second Chinese bank in as many years to register a New Zealand subsidiary, with the Industrial and Commercial Bank of China licensed in November. ICBC's local unit counts former Reserve Bank governor Don Brash as a director.

(BusinessDesk)

Comments and questions
6

Excellent!! More competition means better/cheaper service for consumers, and ultimately more money staying local.

Anyone ever done homework on who owns the majority of these Australian banks, because it wont surprise me!

Table 1. Major Shareholders in Australia's "Big Four" banks

Company

Combined HSBC (Nominees)

JP Morgan Nominees

Combined Citicorp

1

Commonwealth Bank

14.10%

11.13%

4.18%

2

National Australia Bank

16.94%

14.47%

3.33%

3

Westpac Bank

15.10%

12.27%

4.60%

4

ANZ Bank

18.88%

15.65%

5.41%

Apart from the top four shareholders shown above, an inspection of the data in the respective annual reports shows that most of the other top 20 shareholders are companies with a stake in more than one big bank. Moreover, ownership figures for the second tier banks, Bendigo and Adelaide Bank Limited, Suncorp-Metway Limited and Bank of Queensland Limited, show they are also owned by the same organisations that own the big four.

They're not organisations - they're nominees, holding on behalf of others, such as funds. The same list will appear on most listed company share registers

correct - shares purchased as "broker sponsored" appear in the coy's share registry under the nominees name, quite different from shares purchased as "issuer sponsored" which do appear separately

As expected, overseas nominee companies, with links to the establishment!

What a strategy. Portray your closest neighbours as the enemy, when the establishment are the enemy all along!!

Follow the money!!

Forgiving Some others Is Not An Preference