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|
|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|
|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|
|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.
|DZ Bank AG Deutsche Zentral-Genossenschaftsbank||24 September 2019||Ongoing transactions relating to capital market issuances and wholesale lending within New Zealand.|
|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).