Overseas banks register

The Reserve Bank has previously provided non-objection letters under section 65 of the Reserve Bank of New Zealand Act (“the Act”) to a small number of overseas banks. The non-objection letters enabled these banks, which were not registered as banks in New Zealand, to carry on limited activities in New Zealand using names or titles that contain restricted words under the Act.

Following Gazettal of the Reserve Bank of New Zealand Act (Overseas Banks) Class Authorisation Notice 2019, the Reserve Bank is no longer issuing these non-objection letters to overseas banks. Instead, in appropriate cases, the Reserve Bank will issue authorisations under section 65 of the Act to allow overseas banks to use restricted words while carrying on activity in New Zealand. However, non-objection letters issued prior to this change in policy will remain in force, as recorded in the register.

Register of overseas banks relying on existing non-objection letters

Name of overseas bank Date of letter of non-objection Main activities permitted
Asian Development Bank March 2008 Ongoing provision of securities, and use of securities to provide liquidity in the market
Bank of America December 2014 Ongoing provision of wholesale banking services (banknote distribution, participation in the foreign exchange market, occasional lending)
Bank of China Limited March 2013 Periodic promotion of loans and other financial services made or provided out of an overseas office
Bank Morgan Stanley AG January 2013 Ongoing provision of wholesale banking services (including loans, bank accounts, and investment products) and securities execution and settlement services
Barclays Bank plc February 2017 Ongoing provision of a wide range of wholesale banking services
Citibank International Limited and Saxo Bank A/S November 2014 Ongoing provision of a foreign exchange trading platform to wholesale customers
CLS Bank International May 2004 Ongoing provision of foreign exchange settlement and other risk mitigation services to wholesale customers
Deutsche Bank AG July 2016 Ongoing provision of wholesale banking services (foreign exchange spot and forwards, interest rate swaps, debt capital markets, bond trading etc.)
HSBC Global Bank November 2014 Ongoing operation of foreign currency accounts for New Zealand retail customers by the global bank
International Bank for Reconstruction and Development July 2007 Ongoing provision of securities, and use of securities to provide liquidity in the market
Lloyds Banking Group November 2014 Ongoing provision of wholesale banking services (foreign exchange, securities origination and trading, trade finance, transaction accounts, miscellaneous services) and limited retail banking
Mizuho Bank December 2014 Ongoing provision of wholesale banking services to large NZ corporates (corporate, project, trade and acquisition finance, derivatives, debt capital markets, transaction accounts)
Morgan Stanley Bank International Limited and  Morgan Stanley Bank, N.A. August 2015 Ongoing provision of wholesale banking services (loans, letters of credit, margin lending, derivatives)
Royal Bank of Scotland July 2013 Ongoing provision of wholesale banking services to existing clients and their affiliates (including debt issuance, cash management, trade finance, derivatives and funding advice)
Standard Chartered Bank July 2013 Ongoing provision of wholesale banking and advisory services (including futures contracts, cash management accounts and trade finance)
Tonga Development Bank March 2016 Ongoing provision of retail remittance services
WEX Bank December 2013 Ongoing provision of foreign exchange transfers for business

Register of overseas banks relying on the Class Authorisation Notice 2019

Name of overseas bank Date of letter of notification of reliance Main activities permitted
The Bank of New York Mellon 28 February 2020 Ongoing provision of wholesale banking services (banking, lending and capital markets activities, foreign exchange and derivatives).
The Bank of New York Mellon SA/NV 28 February 2020 Ongoing provision of support services for capital market issuances.
Commerzbank AG
16 January 2020 Providing wholesale banking business like lending activities, debt capital market issuances, repo and securities lending, financial advisory services and business in OTC derivatives (including FX-related).
DZ Bank AG Deutsche Zentral-Genossenschaftsbank 24 September 2019 Ongoing transactions relating to capital market issuances and wholesale lending within New Zealand.
HSBC Bank Australia Limited
6 November 2019 HSBC Bank Australia Limited conducts wholesale banking and lending activities, and its staff are involved in capital markets issuances and act in the wholesale foreign exchange and derivatives markets in New Zealand.
Inter-American Development Bank
24 June 2020 Acting as an issuer of wholesale Kauri bonds.
Lloyds Bank Corporate Markets plc 5 June 2020 Ongoing provision of wholesale banking services and transactions (current accounts and deposits; lending, overdrafts and client asset finance; foreign exchange; derivatives; cash management; trade finance; cards; merchant services; correspondent banking; and securities and roadshows)
Macquarie Bank Limited 19 December 2019 Ongoing provision of wholesale banking, lending and advisory services,  capital markets issuances and related services and foreign exchange and derivative wholesale market activities (including foreign exchange spot and forward products, futures execution and clearing services, debt capital markets, secondary trading of bonds and provision of securitised products, and derivatives and commodities trading).
Royal Bank of Canada 1 October 2019 Ongoing transactions related to New Zealand-based businesses from Royal Bank of Canada’s capital markets platform in Sydney, Australia.
State Street Bank and Trust Company 24 January 2020 Ongoing provision of wholesale banking and advisory services (lending, financial advisory, capital markets activities, foreign exchange and derivatives).
The Toronto-Dominion Bank 17 January 2020 Ongoing provision of wholesale banking services (capital markets activities, foreign exchange and derivatives).