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ICBC New Zealand Branch Officially Opens for Business

ICBC Chairman Jiang Jianqing announced the opening of ICBC (New Zealand) Limited ("ICBC New Zealand") on February 26, 2014 in Auckland, New Zealand. The guests at the opening ceremony held on the same day included New Zealand Economic Development Minister Steven Joyce, Chinese Ambassador to New Zealand Wang Lutong, officials from New Zealand's central bank, executives from financial institutions, companies and Chinese companies in New Zealand. ICBC New Zealand was approved bank registration on November 19, 2013, becoming the first Chinese bank to operate in New Zealand. 

Since diplomatic relation was built more than four decades ago, China-New Zealand bilateral trade has witnessed significant growth with increasing exchanges in various areas and broad prospects in economic and trade cooperation. New Zealand is the first developed country to complete negotiations for China's entry into the WTO and the first country to recognize China's market economy status. New Zealand and China signed a bilateral free trade agreement on the April 7th, 2008, becoming the first developed economy to do so in the world. The agreement has profound and far-reaching impact on bilateral investment between China and New Zealand. Today, China is the largest trading partner of New Zealand. The two countries still have massive potentials for cooperation in trade and investment in the foreseeable future, especially in areas such as dairy, forestry and renewable energy.   

Chairman Jiang Jianqing said at the ceremony that the increasingly close ties between China and New Zealand lay the foundation for financial cooperation and also create new requirement for cross-border banking service. As the first Chinese bank tapping into New Zealand, ICBC New Zealand represents an important outcome of China-New Zealand economic cooperation and another milestone of ICBC's global expansion. Backed by ICBC's powerful business platform and global network, ICBC New Zealand is committed to bridge the economic exchange between China and New Zealand, and become an outstanding bank with good social reputation.

ICBC is currently a global leader in terms of deposit, loan, total assets, tier 1 capital, operating revenue, profit and brand value. In recent years ICBC has been expanding its global presence and comprehensive business to provide diversified financial services to meet customer needs. ICBC now has operations in 40 countries and territories across six continents and indirectly extends the global presence to 18 African countries through holding shares in Standard Bank of South Africa, leading Chinese banks with the broadest global service network. ICBC has seen rapid growth in international business as the global network expands. In 2013, ICBC's international settlement exceeded USD two trillion for the first time, while cross-border RMB transactions surpassed RMB two trillion. 

The establishment of ICBC New Zealand further improved ICBC's operation in Australia and New Zealand, marking a new start of the bank's globalization strategy in the region. By grasping both ends of cross-border trades, ICBC New Zealand offers high-quality financial products and an extensive range of financial services, and will work with ICBC branches in Australia to provide more comprehensive service in Australia and New Zealand.