RBNZ says registers Chinese bank ICBC for banking services in New Zealand

FILE PHOTO: Pedestrians walk past as a security guard stands in the main entrance to the Reserve Bank of New Zealand located in central Wellington, New Zealand, July 3, 2017. REUTERS/David Gray

The Reserve Bank of New Zealand (RBNZ) said on Monday it has registered Industrial and Commercial Bank of China Ltd (ICBC) <601398.SS> <1398.HK>, the world's biggest commercial lender by assets, to provide banking services in New Zealand.

ICBC will operate in New Zealand as a branch, though there are limits on the nature and amount of business that can be conducted, the central bank said in a statement.

A New Zealand unit of ICBC was registered in 2013 to provide banking services in New Zealand.

FILE PHOTO: The logo of Industrial and Commercial Bank of China (ICBC) is pictured at the entrance to its branch in Beijing, China April 1, 2019. REUTERS/Florence Lo

ICBC's branch is expected to complement banking services provided in New Zealand by its unit, including facilitation of wholesale banking services, RBNZ said.

(Reporting by Renju Jose; Editing by Kim Coghill)