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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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