Designations "Bank" and "Bankier"

(1) The designation "Bank", "Bankier", or a designation containing the word "Bank" or "Bankier", may, insofar as not otherwise provided by statute, be used in the business name, as an addition to the business name, to describe the business purpose, or for advertising purposes, only by 1. credit institutions holding a licence under section 32, or branches of undertakings under section 53b(1), first and second sentences, or (7); 2. other undertakings that, at the entry into force of this Act, were authorised to use such a designation under the previous provisions.
(2) The designation "Volksbank", or a designation containing the word "Volksbank", may newly be adopted only by credit institutions operated in the legal form of a registered cooperative and belonging to an auditing association.
(3) On granting the licence, the Federal Institute may determine that the designations named in subsection (1) may not be used, where the type or scale of the credit institution's business, according to common understanding, does not justify the use of such a designation.