The move increases the total number of New Zealand’s registered banks to 25
Less than two months after its subsidiary joined the New Zealand Bankers’ Association, China Construction Bank (CCB) has been officially recognised by authorities as a registered lender.
The move increases the total number of New Zealand’s registered banks to 25, according to figures from the Reserve Bank. The lender is incorporated in China, and will operate in New Zealand as a branch.
Its subsidiary, China Construction Bank (New Zealand) or “CCBNZ”, has been registered to provide banking services in New Zealand since July 2014. The subsidiary has an A rating by Standard and Poor’s, and A1 by Moody’s as of 28 December 2017.
It held about $698.3m in residential mortgages (unaudited) at the end of the third quarter last year, according to its latest financial disclosure. Total unaudited net loans and advances for that same period stood at $1.4bn.
“China is one of New Zealand’s most important trading partners. Having Chinese banks here helps support this trading relationship,” said New Zealand Bankers’ Association CEO Karen Scott-Howman noted last November.
Related stories:
CCBNZ joins bankers’ association
New government impacts on the property market
The move increases the total number of New Zealand’s registered banks to 25, according to figures from the Reserve Bank. The lender is incorporated in China, and will operate in New Zealand as a branch.
Its subsidiary, China Construction Bank (New Zealand) or “CCBNZ”, has been registered to provide banking services in New Zealand since July 2014. The subsidiary has an A rating by Standard and Poor’s, and A1 by Moody’s as of 28 December 2017.
It held about $698.3m in residential mortgages (unaudited) at the end of the third quarter last year, according to its latest financial disclosure. Total unaudited net loans and advances for that same period stood at $1.4bn.
“China is one of New Zealand’s most important trading partners. Having Chinese banks here helps support this trading relationship,” said New Zealand Bankers’ Association CEO Karen Scott-Howman noted last November.
Related stories:
CCBNZ joins bankers’ association
New government impacts on the property market
