21 August 2019

ICBC gets nod to set up New Zealand unit, CNS says

Industrial and Commercial Bank of China Ltd. (ICBC) (01398.HK, 601398.CN), the country’s largest lender, has received approval to establish a subsidiary in New Zealand, China News Service reported Wednesday, citing unnamed sources. ICBC becomes the first Chinese bank to operate in New Zealand. The subsidiary will offer retail and wholesale banking services, the report said.

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