The Reserve Bank last week registered Bank of China to provide banking services in New Zealand.
Bank of China Ltd is incorporated in the People’s Republic of China and will operate in New Zealand as a branch.
A New Zealand subsidiary of the Bank of China, Bank of China (New Zealand) Limited, has been registered to provide banking services in New Zealand since November 2014.
RBNZ said there are now 26 registered banks in New Zealand.
This includes three others from China including Bank of China (NZ) Ltd. The other two are China Construction Bank Corporation (registered in December, 2017) and China Construction Bank (New Zealand) Ltd (July 2014).