Enforcement notice issued to ABN Union Bank

NEWS RELEASE
Date 31 August 2007
Time Immediate

Reserve Bank issues enforcement notice to ABN Union Bank Limited

The Reserve Bank has issued an enforcement notice to ABN Union Bank Limited, a company incorporated in the United Kingdom.

It is a breach of section 64 the Reserve Bank of New Zealand Act 1989 to carry on any activity in New Zealand using a name that includes the word "bank", unless the entity using the name is a registered bank in New Zealand, or is otherwise exempted. If the Reserve Bank is satisfied that a company is contravening section 64 of the Act, it is empowered by the Act to issue a notice to that company requiring it to take specified actions to achieve compliance.

ABN Union Bank Limited is not a registered bank in New Zealand, and is not exempted from section 64 of the Act. Reserve Bank enquiries show that ABN Union Bank Limited has been carrying on activities in New Zealand.

The enforcement notice issued by the Reserve Bank to ABN Union Bank Limited requires it to cease carrying on any activity in New Zealand using a name that includes the word "bank".

ENDS

© Scoop Media