10 Jan 2013

Chinese bank looks to open in NZ

12:16 pm on 10 January 2013

One of the largest banks in the world, the Industrial & Commercial Bank of China, plans to open a branch in New Zealand.

A staff member at an office of the bank in Sydney said ICBC wants to set up in New Zealand, but would not offer any further details, saying the plan was still in the preparation stage.

The bank, which is listed on the Hong Kong and Shanghai Stock exchanges, opened in Australia in 2008.

It says on its website that it wants to provide a comprehensive range of services to the prosperous Australian and New Zealand markets.

The Reserve Bank does not comment on whether applications for banking licences have been received.