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.
This article is tagged with the following keywords. Find out more about MyNBR Tags
- Rolls-Royce apologises to Air NZ, sends engineers to Auckland
- Treasury research busts myth of Auckland's runaway population growth
- NBR Rich Lister’s internet firm accuses Spark of misleading the regulator
- Guy Horrocks on surviving and thriving after a trade sale
- Paymark sale unlikely to face hurdles but high fees prompt strategy switch
Most listened to
- Massey University’s Claire Matthews makes a prediction for the Commerce Commission's review of Paymark's sale
- Craig's Mark Lister on rising US interest rates
- Seeka's Michael Franks discusses the new acquisition
- Nevil Gibson thinks voters made the status quo worse at September's election
- NBR Radio: The best interviews – updated daily, with Grant Walker