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Reserve Bank orders withdrawal of "bank" name
Reserve Bank orders withdrawal of "bank" name
The Reserve Bank has ordered "SDC Bank" to stop using the word "bank" in its name or title. "SDC Bank" claims to operate from an office in Auckland, New Zealand and advertises for business on the Internet.
Reserve Bank spokesperson, Paul
Jackman, said "A notice ordering "SDC Bank" to stop using
the word "bank" in its name or title, has been issued under
section 64 of the Reserve Bank of New Zealand Act, which
prohibits financial institutions that are not registered as
banks from undertaking any activity using a name that
includes the words "bank", "banker" or "banking". "SDC Bank"
is not a registered bank in New Zealand."
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