China’s biggest bank, ICBC, sets up shop in New Zealand

Industrial and Commercial Bank of China, that nation's largest lender by assets, has become the 23rd bank to be registered to operate in New Zealand.

ICBC New Zealand counts former Reserve Bank governor Don Brash among its directors. The central bank announced its registration today, the first since Heartland New Zealand was registered in December last year.

Of the 23 registered banks, 10 operate as branches of overseas-incorporated lenders. All others, including ICBC NZ, are locally incorporated.

ICBC NZ has reserved but not yet activated the website. The Chinese parent currently services the New Zealand market from its Sydney branch.