The Reserve Bank of New Zealand has announced the registration of ICBC New Zealand, a subsidiary of the Industrial and Commercial Bank of China, as New Zealand's 23rd bank. ICBC is the world's largest bank by asset and market value. Its Australian arm was set up in 2008. Standard and Poor's has assigned ICBC NZ a single A credit rating with a stable outlook.  The ratings agency said ICBC NZ would have a capital base of NZ$62.5 million and would leverage its strong Chinese presence to capitalise on surging trade flows between New Zealand and China.  Initially, it would focus on Chinese companies operating in New Zealand, the ratings agency said.Companies Office documents show ICBC NZ was incorporated in March this year, and its directors were registered on November 14. The directors include former Reserve Bank Governor and National Party leader Don Brash; former BNZ CFO and NZ Bankers Association CEO Martin Philipsen; Auckland property developer and Waterfront Development Agency CEO John Dalzell; Sydney-based Hongbin Liu; and Auckland-based Jun Jing.ICBC New Zealand's office is currently registered as Ernst and Young's offices in Auckland. It has yet to open its own offices.