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China Constuction Bank up And Running with Auckland Function

China Constuction Bank up And Running with Auckland Function

21 November 2014

China Construction Bank (New Zealand) Limited (“CCBNZ”) holds its opening ceremony at the Auckland War Memorial Museum this evening (Friday, 21st November 2014). More than 300 guests will attend with key attendees including the Chinese Consul General in Auckland Niu Qingbao, New Zealand Minister Steven Joyce, Auckland Mayor Len Brown, Deputy Governor of Reserve Bank of New Zealand Grant Spencer, China Construction Bank Corporation (“CCB”) Chairman Wang Hongzhang and Executive Vice President Zhang Gengsheng.

Following a little over one year of preparation, CCBNZ, a wholly owned subsidiary of China Construction Bank (CCB), successfully became a New Zealand registered bank on 15th July 2014. The license enables CCBNZ to provide banking services to both wholesale and retail clients in New Zealand. The bank will endeavour to support the ever increasing trade relationship between New Zealand and China. Specifically CCBNZ will devote its effort to servicing customers from both New Zealand and China with its premium quality products and services, facilitating trade and investment between the two nations. CCBNZ will do so this by focussing on servicing Chinese companies with existing or planned operations in NZ as well as Kiwi companies engaging in trade and investment with China. CCBNZ will also pursue opportunities to participate in large scale construction and infrastructure projects.

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This year marks the 60th anniversary of China Construction Bank. After 60 years as a financial service provider, asset size and revenue now place CCB as one of the top banks in the world. As at the end of the third quarter of 2014, the total assets of CCB reached RMB16.74 trillion (NZD3.43 trillion) and a net profit of RMB190.685billion (NZD39.07billion) was realised. CCB’s annualized return on average assets and annualized return on average equity were 1.58% and 22.14% respectively. Its total capital ratio and tier one ratio were 14.53% and 11.65% respectively. CCB continues to commit to its global growth strategy, steadily expanding its offshore business network. CCB also seeks to be more competitive by exploring new and unique ways to develop financial products and improving customer service delivery on a global scale. The establishment of CCBNZ will enhance CCB in servicing customers in the Oceania and increase its overall financial service capability in Asia Pacific region.

During 2014 the CCB has accelerated its global expansion. This year CCB has opened Macau branch and established Toronto branch. Furthermore, it is in the process of applying for banking license in Chile, Netherlands, France, Spain and Italy and a branch license in London. As at today, CCB has set up 21 overseas business entities in 18 countries and regions.

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