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APRA Ends International Bank of Australia's Restricted Licence

The Australian Prudential Regulation Authority (APRA) has complied with a request by International Bank of Australia Pty Limited to terminate its restricted licence as an authorised deposit-taking institution (ADI).

Similarly, IBOA Group Holdings Pty Ltd (IBOA Holdings) has rescinded its status as a non-operating holding company (NOHC).

This information is according to a recent update from APRA's official channels.

Previously, in November 2022, APRA granted the licences under the Banking Act 1959, providing International Bank of Australia the restricted ADI status and offering IBOA Holdings NOHC credentials. Despite these opportunities, the bank never moved forward with launching any products, nor did it establish customer relationships or attract any deposits during this period.

The specific reasons behind International Bank of Australia’s decision to relinquish its restricted ADI licence remain speculative. However, industry experts suggest it could be a strategic shift in focus or re-evaluation of the Australian market landscape. It is important to note that this decision does not close the door for any future applications the bank might make to re-enter the ADI or restricted ADI landscape.

This instance highlights a rare, yet noteworthy, event where a financial institution pulls back after initial regulatory approval but before market penetration. It provides a contrast to other emerging banks that take swift action post-approval to acquire market share and customer base.

For those keeping an eye on regulatory activities and ADI listings, APRA maintains updated records of all such authorised entities. The registers of authorised deposit-taking institutions and non-operating holding companies can be accessed openly on the APRA website. Financial services observers will find these registers an essential tool for staying updated on the operational status of various financial institutions.

Published:Tuesday, 1st Oct 2024
Source: Paige Estritori

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Finance News

Westpac Divests Auto Finance Loans to Resimac Group

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In a strategic move to concentrate on its core banking operations, Westpac Banking Corp has announced the sale of its auto finance loan book to non-bank lender Resimac Group. The transaction is valued between A$1.4 billion and A$1.6 billion and is expected to be completed by the first half of 2025. - read more

ANZ Bank Penalised A$240 Million for Regulatory Misconduct

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In a significant development within Australia's banking sector, ANZ Bank has agreed to pay a record-breaking A$240 million fine for a series of regulatory breaches. This penalty, imposed by the Australian Securities and Investments Commission (ASIC), underscores the importance of compliance and transparency in financial institutions. - read more

ASIC Commences In-Depth Review of Motor Vehicle Finance Practices

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The Australian Securities and Investments Commission (ASIC) has embarked on a thorough review of the motor vehicle finance sector, aiming to bolster consumer protections and ensure industry-wide compliance with responsible lending obligations. This initiative is particularly focused on the experiences of borrowers in regional and remote areas, including First Nations communities. - read more

ASIC Initiates Comprehensive Review of Motor Vehicle Finance Practices

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The Australian Securities and Investments Commission (ASIC) has commenced a thorough review of the motor vehicle finance sector, aiming to bolster consumer protections and ensure industry-wide compliance. This initiative is particularly focused on the experiences of borrowers in regional and remote areas, including First Nations communities. - read more

Macquarie Transfers $1.5 Billion Car Loan Portfolio to Allied Credit

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In a significant development within the Australian financial sector, Macquarie Group's Banking and Financial Services division has agreed to sell a substantial portion of its car loan portfolio, valued at $1.5 billion, to Allied Credit. This transaction involves over 50,000 car loans and is expected to be finalised by the fourth quarter of 2025. - read more

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