Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


RBNZ registers China Construction Bank

RBNZ registers China Construction Bank

By Paul McBeth

July 15 (BusinessDesk) - China Construction Bank, which last year decided to set up a New Zealand subsidiary, has been licensed by the Reserve Bank, making it the country's 24th registered lender.

The central bank, which regulates the local banking sector, registered CCB New Zealand as a bank, and the lender will change its name to China Construction Bank (New Zealand), the RBNZ said in a statement. The Chinese bank last year approved a US$50 million capital injection to set up a New Zealand subsidiary, adding to its branches in Germany, South Africa, Vietnam, Russia, the US, Korea, Australia, Singapore, Taiwan and Japan, and a wholly-owned subsidiary in the UK.

The local subsidiary counts former Prime Minister Jenny Shipley and ex-PwC chairman John Shewan as directors, according to Companies Office filings.

China Construction Bank is the second Chinese bank in as many years to register a New Zealand subsidiary, with the Industrial and Commercial Bank of China licensed in November. ICBC's local unit counts former Reserve Bank governor Don Brash as a director.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

China Shopping: NZ-China FTA Upgrade Agreed Among Slew Of New Deals

New Zealand Prime Minister Bill English and China Premier Li Keqiang signed off a series of cooperation deals spanning trade, customs, travel and climate change and confirmed commencement of official talks on an upgrade to the nine-year old free-trade agreement between the two countries. More>>

ALSO:


Media: TVNZ Flags Job Cuts To Arrest Profit Decline

Chief executive Kevin Kenrick said the changes were aimed at creating "a sustainable future video content business for TVNZ in an ever-changing media market." More>>

ALSO:

Reserve Bank: Wheeler Keeps OCR At 1.75%

Reserve Bank governor Graeme Wheeler kept the official cash rate unchanged at 1.75 percent, as expected, and reiterated his view that the benchmark rate doesn't need shifting for the foreseeable future. More>>

ALSO:

Trade Plans: Prime Minister's Speech To International Business Forum

"The work to improve public services, build infrastructure, and solve social problems is possible only because we have enjoyed sustained, solid economic growth. A big reason for that is the Government’s consistent agenda of economic reform, and our determination to open up more opportunities for trade with the world." More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news