Bank of China Ltd celebrates achieving branch licence

THURSDAY, MARCH 29, 2018

Bank of China (New Zealand) Ltd celebrates achieving branch licence

The Reserve Bank of New Zealand has today given approval for Bank of China Limited (BoC) to set up a branch, which will operate alongside BoC’s subsidiary Bank of China (New Zealand) Limited (“BoCNZ”).

BoC is the 26th bank to be registered to provide banking services in New Zealand.

BoCNZ has been operating in New Zealand since November 2014. BoCNZ will continue as a full-service bank in New Zealand.

The Bank said today that the branch licence would allow BoC to increase wholesale lending to businesses in New Zealand. The licence also offers the flexibility for BoC to participate in and commit to larger scale projects.

Celebrating the new branch licence, Bank of China’s CEO in New Zealand, David Wang said: "Our vision is to be New Zealand’s leading global bank. We believe that the opening of our branch in New Zealand is a big step towards realising our vision, by increasing our lending capacity to the market.

"We believe the move demonstrates our commitment to the success of New Zealand. New Zealand’s economy has continually shown strong stable growth. However, capital has always been a limiting factor for local companies. We fully intend to continue supporting New Zealand companies and play a part in helping them, and the New Zealand economy, reach their full potential."

David Wang said Bank of China would now look to implement innovative product offerings to meet the requirements of corporate and institutional customers.

Key Facts - Bank of China In New Zealand - 2014 to date

Total assets exceeding $1.9b.
Grown from an initial 15 employees in 2014 to 65 employees currently.
A diversified business base: corporate, commercial, retail; local and cross-border.
BoC key future goals include:

To be actively involved in the communities in which the bank operates.
To be the first choice for cross-border business between NZ and China.
To be the leading bank in New Zealand for all RMB business.
Bank of China has already developed good working relationships within New Zealand, recent activities include partnering with Local Government New Zealand on last year's China Mayoral Forum, with ChristchurchNZ on the Christchurch Lantern Festival, and supporting the Asia Pacific Business Advisory Council (ABAC) meeting held in Auckland in February 2018.

ENDS

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