Restrictions on use of the word 'bank'

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Standards and requirements for banks

There are restrictions on the use of the words 'bank', 'banker' and 'banking' to help the public identify who is a registered bank. This page provides information on these restrictions, including who may use these words in their name, how to seek authorisation to use these words and using these words in advertising.

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What the 'restricted words' are

The ‘restricted words’ under Part 4 of the Banking (Prudential Supervision) Act 1989 are 'bank', 'banker' and 'banking’, as well as use of these words as part of any other word, and translations into another language.

These words may not be used in a name or title, and care must be taken when using them in advertising.

Using restricted words in names or titles

In general, restricted words can only be used in the name or title of the Reserve Bank of New Zealand and registered banks.

However, this restriction does not apply if the name or title:

is not used in respect of a financial institution; and

the restricted word signifies a geographic place name or the name of a natural person.

Where the restriction applies, we may authorise the use of restricted words in a name or title in the following situations.

1. Banks licensed or registered overseas

We can authorise the use of restricted words by banks that are licensed or registered overseas, but not registered in New Zealand (‘overseas banks’). The authorisation will only be in relation to carrying on specific activities that are not the borrowing and lending of money or the provision of other financial services in New Zealand.

Guidance

We have issued the following guidance for overseas banks:

How we will assess whether an overseas bank is carrying on an activity in New Zealand and therefore is covered by the restrictions on the use of restricted words.

How we will assess when to authorise an overseas bank, or class of overseas banks, to use restricted words while carrying on an activity in New Zealand.

Guidance note for overseas banks on limitations on the use of restricted words

PDF | 252KB

Guidance note on our approach to section 65 authorisations for overseas banks

PDF | 371KB

Register of overseas banks with individual authorisations under section 65(1)(a)

Name of overseas bank

Date of individual authorisation

Main activities permitted

The Bank of New York Mellon

19 November 2020

Asset servicing, collateral management and segregation, liquidity services, markets-clearance, and markets-FX activities

State Bank of India

13 April 2022

Remittance services relating to select currencies, namely NZD to INR, NZD to AUD, and NZD to USD

The Toronto Dominion Bank

23 December 2020

Investing or trading with New Zealand clients in non-New Zealand financial products: entering into repos, securities lending transactions and buy/sell back transactions with New Zealand clients

Tonga Development Bank Limited

24 November 2022

Provision of retail remittance services relating to select currencies, namely NZD and TOP.

Class authorisation for overseas banks

From 2019, a class authorisation applies to overseas banks when carrying on certain prescribed forms of wholesale business in New Zealand. See these gazette notices:

Reserve Bank of New Zealand Act (Overseas Banks) Class Authorisations Notice 2019

Reserve Bank of New Zealand Act (Overseas Banks) Class Authorisation Amendment Notice 2020

Reserve Bank of New Zealand Act (Overseas Banks) Class Authorisation Amendment Notice 2021

Banking (Prudential Supervision) Act (Overseas Banks) Class Authorisation Amendment Notice 2024

Corrigendum—Banking (Prudential Supervision) Act (Overseas Banks) Class Authorisation Amendment Notice 2024

This class authorisation is in place until 31 December 2026.

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

Aareal Bank AG

2 September 2022

Wholesale lending activities (cl 6); financial advisory services (cl 7); acting in wholesale foreign exchange and derivatives markets (cl 11)

Aareal Bank Asia Limited

2 September 2022

Wholesale lending activities (cl 6)

Bank of America N.A.

22 March 2021

Wholesale banking activities (cl 5); wholesale lending activities (cl 6); financial advisory services (cl 7); involvement in capital market issuances (cl 8); own capital market investment activities (cl 10); acting in wholesale foreign exchange and derivatives markets (cl 11)

The Bank of New York Mellon

28 February 2020

Wholesale banking activities (cl 5); wholesale lending activities (cl 6); acting in wholesale foreign exchange and derivatives markets (cl 11)

The Bank of New York Mellon SA/NV

28 February 2020

Involvement in capital market issuances (cl 8)

The Bank of Nova Scotia

7 May 2025

Wholesale lending activities (cl 6)

Canadian Imperial Bank of Commerce

5 July 2021

Wholesale banking activities (cl 5), Wholesale lending activities (cl 6), Involvement in capital markets issuances (cl 8), acting in wholesale foreign exchange and derivatives markets (cl 11)

China Development Bank

19 December 2019

Wholesale lending activities (cl 5)

Citibank Europe Plc

4 December 2019

Wholesale lending activities (cl 6)

Commerzbank AG

16 January 2020

Wholesale banking activities (cl 5); wholesale lending activities (cl 6); financial advisory services (cl 7); involvement in capital market issuances (cl 8); acting in roles supporting capital market issuances (cl 9)

Crédit Agricole Corporate and Investment Bank

27 May 2026

Authorisation for wholesale banking activities (cl 5); Authorisation for wholesale lending activities (cl 6); Authorisation for Financial Advisory Services (cl 7); Authorisation for involvement in capital market issuances (cl 8); Authorisation for its own capital market investment activities (cl 10); Authorisation for acting in wholesale foreign exchange and derivatives markets (cl 11)

Development Bank of Japan, INC

10 February 2026

Wholesale banking activities (cl 5); Wholesale lending activities (cl 6)

DZ Bank AG Deutsche Zentral-Genossenschaftsbank

24 September 2019

Wholesale lending activities (cl 6); involvement in capital market issuances (cl 8)

Goldman Sachs Bank USA

30 June 2025

Wholesale lending activities (cl 6); acting in wholesale foreign exchange and derivatives markets (cl 11); acting in roles supporting the derivatives markets (cl 12)

Goldman Sachs International Bank

9 June 2021

Wholesale lending activities (cl 6); involvement in capital market issuances (cl 8); acting in roles supporting capital market issuances (cl 9); own capital market investment activities (cl 10)

HSBC Bank Australia Limited

6 November 2019

Wholesale lending activities (cl 6); involvement in capital market issuances (cl 8); acting in roles supporting capital market issuances (cl 9); own capital market investment activities (cl 10)

ING Bank N.V

10 July 2024

Wholesale banking activities (cl 5); Wholesale lending activities (cl 6); Financial advisory services (cl 7); Involvement in capital markets issuances (cl 8); Acting in roles supporting capital market issuances (cl 9); Own capital market investment activities (cl 10); Acting in wholesale foreign exchange and derivatives markets (cl 11); Acting in roles supporting the derivatives markets (cl 12)

ING Bank (Australia) Limited

10 July 2024

Wholesale banking activities (cl 5); Wholesale lending activities (cl 6); Financial advisory services (cl 7); Involvement in capital markets issuances (cl 8); Acting in roles supporting capital market issuances (cl 9); Own capital market investment activities (cl 10); Acting in wholesale foreign exchange and derivatives markets (cl 11); Acting in roles supporting the derivatives markets (cl 12)

Inter-American Development Bank

24 June 2020

Involvement in capital market issuances (cl 8)

KfW IPEX-Bank GmbH

27 November 2023

Wholesale banking activities (cl 5); wholesale lending activities (cl 6); financial advisory services (cl 7); acting in wholesale foreign exchange and derivatives markets (cl 11) ; acting in roles supporting the derivatives markets (cl 12)

Lloyds Bank Corporate Markets plc

5 June 2020

Wholesale banking activities (cl 5); wholesale lending activities (cl 6); involvement in capital market issuances (cl 8); acting in wholesale foreign exchange and derivatives markets (cl 11)

Macquarie Bank Limited

19 December 2019

Wholesale banking activities (cl 5); wholesale lending activities (cl 6); financial advisory services (cl 7); involvement in capital market issuances (cl 8); acting in roles supporting capital market issuances (cl 9); own capital market investment activities (cl 10); acting in wholesale foreign exchange and derivatives markets (cl 11); acting in roles supporting the derivatives markets (cl 12)

Royal Bank of Canada

1 October 2019

Wholesale banking activities (cl 5); wholesale lending activities (cl 6); financial advisory services (cl 7); involvement in capital market issuances (cl 8); acting in roles supporting capital market issuances (cl 9); own capital market investment activities (cl 10); acting in wholesale foreign exchange and derivatives markets (cl 11); acting in roles supporting the derivatives markets (cl 12)

Société Générale

27 March 2025

Wholesale banking activities (cl 5); Wholesale lending activities (cl 6); financial advisory services (cl 7) and involvement in capital market issuances (cl 8)

State Street Bank and Trust Company

24 January 2020

Wholesale lending activities (cl 6); financial advisory services (cl 7); own capital market investment activities (cl 10); acting in wholesale foreign exchange and derivatives markets (cl 11)

Sumitomo Mitsui Banking Corporation

10 November 2021

Wholesale banking activities (cl 5); wholesale lending activities (cl 6); financial advisory services (cl 7); own capital market investment activities (cl 10); acting in wholesale foreign exchange and derivatives markets (cl 11); acting in roles supporting the derivatives markets (cl 12)

The Toronto-Dominion Bank

17 January 2020

Wholesale banking activities (cl 5); wholesale lending activities (cl 6); financial advisory services (cl 7); involvement in capital market issuances (cl 8); own capital market investment activities (cl 10); acting in wholesale foreign exchange and derivatives markets (cl 11)

Before this class authorisation, we issued letters of non-objection to individual overseas banks seeking to use restricted words while carrying on activity in New Zealand. We are no longer issuing these non-objection letters to overseas banks, but letters issued before this policy change will remain in force, as recorded in the following 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 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.

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 Bank plc, HSBC Bank Australia Limited and HSBC Bank USA, N.A.

November 2014

Ongoing operation of foreign currency accounts for New Zealand retail customers by the global bank.

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).

WEX Bank

December 2013

Ongoing provision of foreign exchange transfers for business.

2. Representative bodies

We can authorise use by persons formed or incorporated or registered to represent the interests of registered banks. Authorisation may be subject to conditions.

3. Associated person of a registered bank

We can authorise use by associated persons of registered banks. Authorisation may be subject to conditions.

4. Unit trusts associated with registered banks

We can authorise use by unit trusts of which a registered bank is a trustee or manager. Authorisation may be subject to conditions.

5. Non-financial institutions

We can authorise use of restricted words in the name or title of persons who are not financial institutions. However, we may require that the name or title clearly identifies that the purpose for which the authorised person operates is non-financial.

Authorisations will be conditional on the authorised person not being, and not becoming, a financial institution.

How to apply for authorisation

If the restriction applies to you, you may seek our authorisation to use the restricted words in your name or title.

Email Licensing@rbnz.govt.nz with the following information, and we will get in touch:

the (proposed) name of your business

your reasons for using a restricted word

the (proposed) activities your business will carry on in New Zealand

whether or not your business will provide financial services in New Zealand.

Using restricted words in advertisements

Financial institutions that are not registered banks need to be careful when using restricted words in their advertisements.

If a financial institution that is not a registered bank wishes to use a restricted word in an advertisement:

the advertisement must contain a statement that the financial institution is not a registered bank, and

that statement must be communicated in a way that ensures, as far as reasonably practicable, that it attracts the attention of those the advertisement is directed to.

For example, for a printed advertisement, it is more likely to comply if the disclaimer statement is:

placed in isolation from other text

placed in a prominent place in the advertisement

in a font size that is appropriate in relation to other font sizes used in the advertisement

in a colour that distinguishes the statement from other content.

An advertisement is defined broadly in the legislation to mean anything used to promote the interests of a specified person (for example, a financial institution that is not a registered bank) or the services or products of that person.  An advertisement includes a trade mark of a specified person.

The restriction applies to advertisements in any media type. This could include social media, websites, apps, television, radio, video, cinema, newspapers, magazines and brochures. Other things that could carry advertisements include signage, objects, promotional items, buildings or structures, or any material sponsoring an event or entity.

Please also refer to section 66B of the Banking (Prudential Supervision) Act 1989 .

Related content

Use of restricted words under the DTA

In 2025 we consulted on proposals for authorising the use of restricted words once the Deposit Takers Act 2023 (DTA) is fully in force.

Authorisations for the use of restricted words by overseas banks

In 2018 we consulted on proposals related to restrictions on the use of the word 'bank' and derivative terms.

Restrictions on use of the word 'insurance'

There are restrictions on the use of certain words associated with insurance. Find out who is subject to the restrictions and how to seek an exemption if you wish to use any of the restricted words.