RBNZ to ban foreign bank branches from retail deposits

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The Reserve Bank of New Zealand

New Zealand’s central bank will bar all foreign bank branches in the country from accepting retail deposits, as part of reforms to standardise regulatory requirements for overseas banks.

The Reserve Bank of New Zealand announced its decision on November 7 after completing two rounds of public consultation on its proposed changes.

The RBNZ said it will limit all foreign bank branches to wholesale business, including “corporates, institutions and other wholesale investors”. They will no longer

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