Industrial and Commercial Bank of China to open in New Zealand

The world’s biggest bank continues aggressive overseas expansion.

State-run Industrial and Commercial Bank of China is to set up in New Zealand under the name New Zealand Ltd. It applied for a banking license last year.

ICBC's branch in Sydney, Australia confirmed that preparatory work is under way for opening ICBC’s first branch in in New Zealand.

ICBC’s capitalization is over four times that of New Zealand entire banking sector.

The bank is pushing an aggressive global campaign to branch out of the Chinese domestic market. It opened its Sydney branch in 2008. The branch focuses on facilitating trade and investment between Chinese and Australian companies.

Analysts said a global bank of ICBC's stature will not likely face much difficulty in opening a New Zealand branch.