Bank Of China (New Zealand) Ltd Celebrates First Decade In Business

Chief Executive Warren Hu says the bank has made a significant impact in New Zealand, not only by growing its market share but also by financing major infrastructure projects.

Established in 2014, Bank of China (New Zealand) Ltd expanded its presence in 2021 by opening a branch in Christchurch, becoming the first and only Chinese bank to operate in the South Island.

Now the eighth-largest bank in New Zealand and sixth in corporate lending, Bank of China (NZ) Ltd provides approximately 20 per cent of New Zealand’s infrastructure banking finance and serves over 2,500 customers with NZD 2.1 billion in residential mortgages.

In 2023, the bank was selected as a senior financing partner for the New Zealand government’s “Crown Infrastructure Partners” initiative. Through this strategic partnership, the bank has delivered crucial funding to support urban development initiatives across New Zealand, enabling local councils to undertake essential construction and modernisation of municipal facilities, including museums, footpaths and commercial infrastructure.

Warren Hu noted that the bank has contributed meaningfully to New Zealand’s banking landscape.

“Bank of China (NZ) Ltd has enhanced competition in New Zealand’s banking sector, promoted the financial wellbeing of local communities, and enabled New Zealand customers to engage in global markets by leveraging the bank’s extensive international network.”

He added that the bank has adapted to meet customer needs by offering not only financial services but also policy consulting for import-export businesses, supporting New Zealand companies expanding into Chinese markets, providing financial services for New Zealand companies’ staff in China (such as credit cards), and introducing specialised products like small builder loans based on market demand.

Warren also highlighted the bank’s commitment to community engagement, including support for volunteer programmes in cultural and environmental areas, with staff receiving time off work to participate in these projects.

Reflecting on the past decade, Warren expressed optimism for the bank’s future.

“Bank of China (NZ) Ltd aims to expand, strengthen, and optimise its operations, contributing even more to New Zealand’s economic development.”

The bank intends to achieve this through sustainable growth initiatives focused on green finance, which are integrated into its key performance indicators, and by supporting New Zealand’s energy transition. This includes financing projects such as solar farms and waste management facilities, as well as embedding sustainability into core business strategies.

“Our strategic priorities will drive us to strengthen corporate banking services, expand retail banking operations, advance green finance initiatives, and enhance digital banking capabilities.”

Over the past decade, Bank of China (NZ) Ltd has served as a vital financial bridge between New Zealand and China, fostering trade and economic ties between the two countries, Warren noted.

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