First Chinese bank in NZ spends $1.8 mln on setting up and receives $60 million cash injection

First Chinese bank in NZ spends $1.8 mln on setting up and receives $60 million cash injection

China's biggest bank had spent nearly $1.8 million by the end of September getting its New Zealand arm up and running and had injected $60 million of cash into it.

The Reserve Bank confirmed last week that the NZ subsidiary of Industrial and Commercial Bank of China Limited had become the first China-originated bank to be registered here and the 23rd registered bank overall.

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