A 26-year-old merchant banking company using the name Bancorp New Zealand says it has "no connection or association whatsoever" with an off-shore investment company that the Reserve Bank has singled out for criticism.
Yesterday the Reserve Bank issued a notice saying First International Bancorp Limited was claiming legitimacy under a non-existent piece of New Zealand legislation.
"This entity is not licensed or prudentially supervised by the Reserve Bank of New Zealand or any other New Zealand authority," said the RBNZ statement.
"It is not registered under the New Zealand Commonwealth Offshore Banking Act of 1993 as no such Act exists in New Zealand."
FIB's business model appeared to have the hallmarks of a pyramid scheme, but the Commerce Commission said it had not had any complaints from New Zealanders about the company.
FIB is also using the word "bancorp" in its name, a restricted term which can only be used with authorisation from the Reserve Bank of New Zealand.
Bancorp New Zealand says it has such a dispensation to use the restricted word and issued a statement today distancing itself from FIB and supporting the Reserve Bank's stance.
Chairman of the Bancorp group of companies, Sir John Wells, said it was "deceitful and abhorrent that an overseas organisation should act in this way''.
"Bancorp has been operating successfully in New Zealand for the past 26 years and was founded on integrity and honesty.
"The company is accordingly considering its legal options."
Bancorp New Zealand is not a registered bank but describes itself as a boutique merchant and investment bank offering merger and acquisition advice, interest rate and currency advice, and other related services.
Bancorp's shareholders and directors are all registered to New Zealand addresses.
Yesterday the Reserve Bank issued a notice saying First International Bancorp Limited was claiming legitimacy under a non-existent piece of New Zealand legislation.
"This entity is not licensed or prudentially supervised by the Reserve Bank of New Zealand or any other New Zealand authority," said the RBNZ statement.
"It is not registered under the New Zealand Commonwealth Offshore Banking Act of 1993 as no such Act exists in New Zealand."
FIB's business model appeared to have the hallmarks of a pyramid scheme, but the Commerce Commission said it had not had any complaints from New Zealanders about the company.
FIB is also using the word "bancorp" in its name, a restricted term which can only be used with authorisation from the Reserve Bank of New Zealand.
Bancorp New Zealand says it has such a dispensation to use the restricted word and issued a statement today distancing itself from FIB and supporting the Reserve Bank's stance.
Chairman of the Bancorp group of companies, Sir John Wells, said it was "deceitful and abhorrent that an overseas organisation should act in this way''.
"Bancorp has been operating successfully in New Zealand for the past 26 years and was founded on integrity and honesty.
"The company is accordingly considering its legal options."
Bancorp New Zealand is not a registered bank but describes itself as a boutique merchant and investment bank offering merger and acquisition advice, interest rate and currency advice, and other related services.
Bancorp's shareholders and directors are all registered to New Zealand addresses.
