Bank of China celebrates three years of operations in New Zealand

26-Nov-2017 10:00 AM

Bank of China (New Zealand) Ltd is celebrating three years in the New Zealand market since opening for business in November 2014.

The branch is part of China’s oldest mainland bank, and one of 52 international Bank of China operations in countries and regions around the world.  Bank of China is one of the top four banks in China and in the top five banks globally.
Key highlights of Bank of China New Zealand (Ltd) three year anniversary:
  • Grown from a team of 15 staff to around 50 employees
  • Total assets of over one billion
  • More than 80 corporate customers
  • Biggest deal: A multi-currency bank facility for Fonterra of NZD $300m (1.5 billion renminbi) to support its operations in China.
  • Held four match-making events linking New Zealand and Chinese business, three in New Zealand and one in China.   Including an event organised with the Chinese Chamber of Commerce in NZ, more than 350 NZ businesses and nearly 100 Chinese businesses have taken part.
  • Successfully raised NZD$150m in an inaugural NZD bond issue.
  • Partnered with Immigration New Zealand to streamline visa processing for high net worth clients.
‘I am delighted at the progress Bank of China (New Zealand) Ltd has made since we arrived in New Zealand three years ago,’ said Bank of China (New Zealand) Ltd Chief Executive David Lei Wang. ‘Bank of China is committed to a long term future in New Zealand. We value the strong relationship between China and New Zealand and we are passionate about opening up further opportunities for New Zealand companies in the Chinese market.’
The latest demonstration of the Bank’s commitment to New Zealand – China relations is its decision to be a major corporate supporter of the upcoming New Zealand China Mayoral Forum in Wellington from 3-4 December 2017. A dozen Chinese mayors and vice-mayors and 33 New Zealand mayors will discuss trade and investment opportunities, including tourism, education and primary industries.
Mr Wang said the Bank would continue to focus on growing its corporate customer base within New Zealand. Key sectors will include dairy, meat, fruit, forestry, property, infrastructure, food and beverage and tourism. Manufacturing, import/export and other asset management companies including the insurance sector were also priorities, said Mr Wang.
A particular area of interest is growing investment in infrastructure, particularly tourism, given increasing demand from international visitors. A Deloitte report for Tourism Industry Aotearoa earlier this year found that the development of new accommodation would generate more tourism for New Zealand than any other category of infrastructure.  
Bank of China has funding available for infrastructure development via the One Belt One Road initiative to expand and strengthen trading routes in and around the Silk Road, an initiative led by Chinese President Xi Jinping.
Another service the Bank feels represents further opportunity is its renminbi (RMB) facility. Mr Wang said Bank of China (New Zealand) Ltd was the first to offer the RMB facility in New Zealand and that their offer was the most competitive. Bank of China leads the global RMB market.
Bank of China New Zealand (Ltd) officially opened in New Zealand on 21 November 2014. 

Topic: General News

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