Bank of China presence in Auckland

Last updated 13:42 07/08/2014

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Another Chinese banking giant might enter the New Zealand market.

Interest.co.nz reports that the Bank of China has taken a long-term lease on office space in Auckland's 205 Queen St building.

Fellow state-owned Chinese banks Industrial and Commercial Bank of China (ICBC) and China Construction Bank (CCB) have received licences from the Reserve Bank in the past year.

The Bank of China is smaller than its compatriots but still one of the largest lenders in the world, with about $2.7 trillion of assets.

The Reserve Bank does not comment on licensing applications, and Companies Office records suggest the bank has not yet registered a local branch.

The Bank of China could not immediately be reached for comment.

ICBC and CCB are mainly focused on business rather than retail banking and aim to capitalise on New Zealand's growing relationship with China as its largest trading partner.

Former politicians Don Brash and Dame Jenny Shipley chair ICBC New Zealand and CCB New Zealand respectively.

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