China Construction Bank registers New Zealand subsidiary

Employees are seen at the stand of China Construction Bank (CCB) during an exhibition in Shanghai, November 23, ?2013. [Photo/IC]

WELLINGTON - China Construction Bank (CCB) on Tuesday became the second Chinese bank to register a New Zealand subsidiary, naming former New Zealand Prime Minister Jenny Shipley as head of its board of directors.

The Reserve Bank of New Zealand announced that CCB New Zealand Ltd had been registered as a fully-owned subsidiary of China Construction Bank Corporation, and its name would be changed to China Construction Bank (New Zealand) Ltd (CCB NZ).

Joining Shipley on the board of CCB NZ was former chairman of PricewaterhouseCooper John Shewan, said a statement from CCB NZ.

An important step for the group's globalization initiative, CCB NZ would in due course be in a position to offer products and services ranging from corporate banking to retail banking business, said the statement.

The New Zealand and China economies strongly complemented each other, with China becoming the largest trading partner for New Zealand last year, it said.

The two governments had set a target for bilateral trade to hit a value of NZ$30 billion ($26.43 billion) by 2020 with direct convertibility of the two currencies as the foundation.

CCB NZ's products and services would be founded on the steady growth of trade and investment activities, including China being the largest source of overseas students and the second largest source of tourists, and the estimated 200,000 Chinese immigrants in New Zealand.

The bank would dedicate itself to servicing Chinese companies with operations or seeking to operate in New Zealand and New Zealand companies engaging in trade and investment business with China, and would pursue opportunities to participate in large scale construction projects, such as infrastructure development.

CCB NZ is the 24th bank to be registered in New Zealand and it follows the registration of the Industrial and Commercial Bank of China (New Zealand) Ltd in November last year.