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3 top Chinese banks to set up branches in NZ

Three Chinese banks that are among the top 10 biggest companies in the world are setting up branches in New Zealand. The banks are cashing on the dramatic growth in trade between New Zealand and China and amid predictions it will continue rising. The Industrial and Commercial Bank of China (ICBC) was granted a banking license late last year, while the China Construction Bank (CCB) received a license this week and the Bank of China (BOC) is reportedly working on one. Former prime minister and now chairman of the CCB, Dame Jenny Shipley, says the banks’ new found interest in New Zealand is all about trade. The volumes of trade that are flowing both ways between New Zealand and China and China and New Zealand have grown dramatically in the last three or four years, and also the projections until 2020 are that there is significant growth, she said.

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