Connect with us

Hi, what are you looking for?

News

ICBC plans to have branch in New Zealand

ICBCIndustrial and Commercial Bank of China is in the process of applying for a branch license in New Zealand. Two other Chinese banks, Bank of China and China Construction Bank, have already applied for bank branch licenses in the country. The bank has already registered a subsidiary in New Zealand in November 2013. A bank spokesperson said with the dual license, the bank expects to be restricted less and it can support more local infrastructure projects. New Zealand regulations stipulate that locally incorporated subsidiaries are separate legal entities from the parent bank. They are required, among other things, to maintain minimum capital requirements in New Zealand and have their own board of directors, including independent directors.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

PR Newswire

Copyright © Glocal Infomart Pvt Ltd. All rights reserved. Usage of content from website is subject to Terms and Conditions.