Reserve Bank issues warning over Auckland firm

An Auckland-based offshore company that is trading as a bank is not actually a bank, the Reserve Bank warns.

City Savings Institution Ltd, trading as City Savings Bank, appears to operate out of Level 4, 228 Queen Street. It has an impressive-looking website showing high rises that do not exist on Queen Street.

It is the latest in a long line of offshore companies (NZOFC) or shell companies registered on-line at the Companies Office ... READ MORE

Released by Fairfax - 21 March 2012