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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)

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