The Dutch central bank, known by the acronym DNB, is taking the Dutch arm of a Vietnamese bank to court for calling itself DNBC.
The Vietnamese subsidiary is damaging the reputation of the central bank by using the acronym, DNB lawyers told judges in Amsterdam last week. They are demanding damages of €500,000 if DNBC fails to change its name, the Financieele Dagblad reported.
In particular, the Vietnamese bank is hurting the DNB because it is promoting ‘offshore bank accounts in tax havens’ while the Dutch central bank regulates the financial sector and campaigns against tax avoidance, the court was told.
DNBC has been active in the Netherlands since August as the European arm of BIN Corporation Group. The unit is headquartered in Lithuania.
The FD said neither DNB or DNBC would comment on the court case and the verdict is due on October 20.
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