WELLINGTON, New Zealand--Industrial and Commercial Bank of China Ltd. has been approved to expand its banking operations in New Zealand, the country's central bank said Monday.

The registration of ICBC as a bank allows it to operate both as a branch of its Chinese head office and through its New Zealand subsidiary, which was established in November 2013, the Reserve Bank of New Zealand said.

The branch is expected to expand ICBC's banking services, including wholesale banking, the Reserve Bank said. 



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