Bank of China marks 10 years of presence in New Zealand

Bank of China (New Zealand) Ltd marked its 10 years of operations in New Zealand this month, making a significant impact on New Zealand's banking landscape not only by growing its market share but also by financing major infrastructure projects, its chief executive Warren Hu has said.

Bank of China (NZ) Ltd has served as a vital financial bridge between New Zealand and China, fostering trade and economic ties between the two countries over the past decade, Hu said in a statement released this past weekend.

It has become the eighth-largest bank in New Zealand and sixth in corporate lending, provided approximately 20 percent of New Zealand's infrastructure banking finance, and serves over 2,500 customers with 2.1 billion NZ dollars in residential mortgages, Hu said.

Selected as a senior financing partner for the New Zealand government's infrastructure partners initiative last year, the bank has delivered crucial funding to support urban development initiatives in the essential construction and modernization of municipal facilities, including museums, footpaths and commercial infrastructure, he said.

Established in 2014, Bank of China (NZ) Ltd expanded its presence in 2021 by opening a branch in Christchurch, becoming the first and only Chinese bank to operate in New Zealand's South Island.

It has enabled New Zealand customers to engage in global markets by leveraging the bank's extensive international network, Hu said, adding that the bank offers policy consultation for import-export businesses, supporting New Zealand companies expanding into Chinese markets.

Regarding green finance, the bank has supported New Zealand's energy transition, financing projects such as solar farms and waste management facilities, as well as embedding sustainability into core business strategies, he said. (1 NZ dollar equals 0.59 U.S. dollar)