RBNZ has given approval for Bank of China to set up a branch in New Zealand, which will operate alongside Bank of China's subsidiary, Bank of China (New Zealand) Limited. Bank of China (New Zealand) Limited has been in the country since 2014. There are now 26 registered banks in New Zealand.
David Wang, Bank of China’s CEO in New Zealand, said: "Our vision is to be New Zealand’s leading global bank. We believe that the opening of our branch in New Zealand is a big step towards realising our vision, by increasing our lending capacity to the market."