BOC registers New Zealand subsidiary with Reserve Bank

The Reserve Bank of New Zealand (RBNZ) Tuesday announced that BOC (New Zealand) Ltd., a fully- owned subsidiary of the Bank of China, will be registered as a bank in New Zealand with effect from Nov. 21.

Following registration, it would change its name to Bank of China (New Zealand) Ltd., said a statement from the RBNZ.

The Bank of China is the third state-owned bank from the Chinese mainland to register a subsidiary in New Zealand, following the Industrial and Commercial Bank of China, which registered in November last year, and China Construction Bank, which registered in July this year.

The announcement came on the eve of Chinese President Xi Jinping's state visit to New Zealand from Nov. 19 to 21.

This registration would bring the number of registered banks in New Zealand to 25.