The New Zealand Reserve Bank announced in a statement on Monday that it has registered Industrial & Commercial Bank of China Limited (ICBC) to provide banking services in New Zealand. ICBC will Operate in New Zealand as a Branch.

A New Zealand subsidiary of ICBC (the Industrial and Commercial Bank of China (New Zealand) Limited) has been registered to provide banking services in New Zealand since November 2013, according to the statement.

Consistent with the Reserve Bank’s dual registration policy, the Reserve Bank expects ICBC to conduct business in New Zealand through both the branch and the subsidiary, although there are limits on the nature and amount of business conducted through the branch.

The branch is expected to expand and complement banking services provided in New Zealand by the subsidiary, including facilitation of wholesale banking services.

Hou Qian, who is in charge of the ICBC Auckland Branch, said as the first Chinese bank entering New Zealand, ICBC New Zealand subsidiary has actively supported local infrastructure construction and the bilateral economic and trade exchanges.

“The Reserve Bank’s granting of the branch licence is a strong encouragement to us, and the dual licence will put ICBC in a better position to support local business development, as well as the development of trade and business activities between New Zealand and China,” she said.

“We will also promote and facilitate strong support for the Belt & Road Initiative, by providing wholesale banking activities to New Zealand and Chinese Customers in the long run.” There are now 27 registered banks in New Zealand, the New Zealand Reserve Bank said.