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China Construction Bank steps up NZ operations with new branch

Contributor:
Fuseworks Media
Fuseworks Media

Multiple benefits for the New Zealand economy and the financial sector are signalled to follow from the opening of the China Construction Bank branch in Auckland.

Bringing the global capabilities of CCB, one of the largest Chinese commercial banks, to the New Zealand market will support infrastructure development and grow trade and investment, says the Chairman of China Construction Bank Corporation, Mr Guoli Tian.

The bank has had a presence in this country through a subsidiary established in 2014. In December 2017 the Reserve Bank registered the branch and the capability of China Construction Bank in this market is greatly expanded. Branch status will give the bank far greater range and reach of operations and enable more innovative product offerings. The branch will operate alongside its subsidiary.

The opening of this new branch will further enhance CCB’s operational functionality in Oceania and improve CCB’s comprehensive financial service capability in the Asia Pacific region, says Mr Tian.

Realising that additional branch license would enhance efficiency and bolster innovation in the banking sector, Reserve Bank of New Zealand updated its dual registration policy in December 2016.

Since the policy update, China Construction Bank is the first to get a branch registered by the Reserve Bank. Before this, the last branch license was granted to ANZ Banking Group Limited in January 2009.

In attendance to the branch opening ceremony on 2nd of February 2018 in Auckland were Mr Guoli Tian, Chairman of CCB who addressed the event and Dame Jenny Shipley, former New Zealand Prime Minister and Chairperson of CCB’s subsidiary in NZ who was the MC on the day. Other attendees included Sir John Key, former NZ Prime Minister, Hon Grant Robertson, Minister of Finance, Hon Phil Twyford, Minister for Housing, Urban Development and Transport, Ms Erwen Xu, Chinese Consul-General in Auckland, Mr Fan Zhang, Economic and Commercial Counsellor of the Chinese Embassy in New Zealand, officials from Reserve Bank of New Zealand as well as guests from the business, finance and media communities of China and New Zealand.

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