China's biggest bank, ICBC, sets up in NZ
Industrial and Commercial Bank of China is that nation's largest lender (Reuters)
Industrial and Commercial Bank of China, that nation's largest lender, 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 ICBC's registration on Tuesday, the first since Heartland New Zealand was registered last December.
Of the 23 registered banks, 10 operate as branches of overseas-incorporated lenders. All others, including ICBC NZ, are locally incorporated.
The Chinese parent has been servicing the New Zealand market from its Sydney branch.