The Reserve Bank today announced that it has registered Industrial and Commercial Bank of China Limited (“ICBC”) to provide banking services in New Zealand. Industrial and Commercial Bank of China Limited is incorporated in the People’s Republic of China and will operate in New Zealand as a branch. A New Zealand subsidiary of ICBC (the Industrial and Commercial Bank of China (New Zealand) Limited) has been registered to provide banking services in New Zealand since November 2013. Consistent with the Reserve Bank’s dual registration policy, the Reserve Bank expects ICBC to conduct business in New Zealand through both ... (full story)