SYDNEY (Reuters) – The Reserve Bank of New Zealand (RBNZ) said on Monday it has registered Industrial and Commercial Bank of China Ltd (ICBC) <601398.SS> <1398.HK>, the world’s biggest commercial lender by assets, to provide banking services in New Zealand.
ICBC will operate in New Zealand as a branch, though there are limits on the nature and amount of business that can be conducted, the central bank said in a statement.
A New Zealand unit of ICBC was registered in 2013 to provide banking services in New Zealand.
ICBC’s branch is expected to complement banking services provided in New Zealand by its unit, including facilitation of wholesale banking services, RBNZ said.
(Reporting by Renju Jose; Editing by Kim Coghill)