13 February 2004
The Reserve Bank has ordered Bank International (also known as Bank International Limited) to stop using the word bank in its name or title. Bank International claims to operate from an office in Auckland, New Zealand and advertises for business on the Internet. Documents using the name of Bank International refer to Mr Shaun G. Morgan as its chairman.
Reserve Bank spokesperson, Paul Jackman, stated that "The notice has been issued because section 64 of the Reserve Bank of New Zealand Act prohibits financial institutions that are not registered as banks from carrying on any activity using a name that includes the word bank, banker or banking. Bank International is not a registered bank in New Zealand nor, as far as we can tell, is it registered in any other country."
For further information contact
Head of Corporate Affairs
Ph 04 471 3671, 021 497 418, Jackmanp@rbnz.govt.nz