In most legal jurisdictions, a financial institution is required to obtain a banking licence before it is legally permitted to carry on a banking business. Besides other requirements, such a business is not permitted to contain in its name words such as bank, insurance, national, etc, unless it holds an appropriate license.
In most legal jurisdictions, a financial institution is required to obtain a banking licence before it is legally permitted to carry on a banking business. Besides other requirements, such a business is not permitted to contain in its name words such as bank, insurance, national, etc, unless it holds an appropriate license.
Source: Wikipedia "Banking license" · CC BY-SA 4.0
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