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ICBC applies for banking licence in NZ

ICBC applies for banking licence in NZ

(10 January 2013 – New Zealand) The biggest bank in the world, the Industrial and Commercial Bank of China (ICBC) is attempting to set up in New Zealand, after applying for a banking licence last year. China’s state-controlled bank has reserved the name "ICBC New Zealand Limited" as listed on the Companies Office website.

The ICBC's Sydney branch confirmed that preparation work was under way in New Zealand and directed further inquiries to the head office in China.

ICBC is listed on the Hong Kong and Shanghai stock exchanges with a market capitalisation more than four times the size of the entire New Zealand market.

ICBC is undertaking an aggressive global push to branch out of the Chinese domestic market.

It set up its Sydney branch in 2008, which was largely focused on facilitating trade and investment between Chinese and Australian companies.
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