Bank of China presence in Auckland

Last updated 13:42 07/08/2014

Relevant offers

Money

Value of pet insurance gives paws for thought Southern Cross spent $800 million on claims Looking under the bonnet of mechanical breakdown cover Many Aucklanders just scraping by, survey finds Gina Rinehart loses control of A$5 billion family trust Average cost of data breaches now at $5.2 million a year for companies, study says Prime Minister John Key warns property speculators will get caught Property investors borrow $1.8 billion in April Dealing with financial roadblocks Inland Revenue targets tax dodgers

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.

Ad Feedback

- Stuff

Special offers

Featured Promotions

Sponsored Content