Bank of China, one of the five biggest state-owned commercial banks in China, has officially joined the New Zealand Bankers' Association through the Bank of China (New Zealand), bank officials said Monday.

Association Chief Executive Kirk Hope said the arrival of Bank of China, the 15^th member of the association, further enhances competition and diversity in New Zealand's banking sector.

Like Us on Facebook

The New Zealand Bankers' Association, the voice of the country's banking industry, supports a strong and stable banking system that benefits New Zealand. Member banks work together on a range of non-competitive industry issues.

"We are pleased to welcome our first Chinese member bank. The arrival of Bank of China further enhances competition and diversity in our banking sector," said Hope.

Bank of China joins other global banks that have signed up to become members of the association. The other banks include ANZ Bank New Zealand, ASB Bank, Bank of New Zealand, Bank of Tokyo-Mitsubishi UFJ, Citibank, The Co-operative Bank, Heartland Bank, Hong Kong and Shanghai Banking Corporation, JPMorgan Chase Bank, Kiwibank, Rabobank New Zealand, SBS Bank, TSB Bank, and Westpac New Zealand.

Bank of China (New Zealand) executive director David Wang said the bank sought to promote economic and trade opportunities between China and New Zealand.

"We are committed to New Zealand and making a contribution to the domestic banking industry, as well as being at the forefront of RMB product innovation and facilitating the economic and trade opportunities between China and New Zealand," said Wang.

Bank of China became a New Zealand registered bank in November 2014. Its focus in New Zealand is on international trade, offering corporate banking and financial markets services.

Bank of China is the second largest lender in China overall, the largest lender to non-institutions, and the largest foreign exchange lender.

The bank has over 7 trillion yuan (about US$1.1 trillion) in assets, making it part of the Fortune Global 500 for the past 17 years.

TagsBank of China, Bank of China New Zealand, New Zealand Bankers' Association