The institutions requested the revocations
The Australian Prudential Regulation Authority (APRA) accepted the request of International Bank of Australia Pty Limited to revoke its restricted authorised deposit-taking institution (ADI) licence, as well as IBOA Group Holdings Pty Ltd's request to revoke its non-operating holding company (NOHC) license.
APRA granted these licenses under the Banking Act 1959 in November 2022. However, at the time of revocation, the International Bank of Australia had not launched any products, acquired customers, or held deposits.
International Bank of Australia’s decision to request a revocation of its restricted ADI licence does not prejudice any future application it may make for an ADI or restricted ADI licence.
APRA is the prudential regulator of the financial services industry, overseeing banks, mutuals, general insurance, and reinsurance companies, life insurance, private health insurers, friendly societies, and members of the superannuation industry. Currently, it supervises institutions holding around $9 trillion in assests.
