APRA Ends International Bank of Australia's Restricted Licence
APRA Ends International Bank of Australia's Restricted Licence
1
The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.
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Similarly, IBOA Group Holdings Pty Ltd (IBOA Holdings) has rescinded its status as a non-operating holding company (NOHC).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
Please Note: If this information affects you, seek advice from a licensed professional.
Commonwealth Bank of Australia (CBA), the nation's largest bank by market value, has reported a modest increase in its first-quarter cash profit for 2025. This uptick is primarily attributed to robust growth in home loans and household deposits. The unaudited cash profit stands at approximately A$2.6 billion, marking a 1% rise from the previous two-quarter average and a 2% increase compared to the same period last year. - read more
Australia's leading banks-Commonwealth Bank of Australia (CBA), Westpac, National Australia Bank (NAB), and ANZ-are actively reducing their dependence on mortgage brokers. This strategic shift aims to bolster profit margins that have been under pressure due to lower interest rates, rising operational costs, and intense market competition. - read more
In November 2025, Australian consumer sentiment has turned optimistic for the first time since early 2022, marking a significant shift in public economic perception. The Westpac-Melbourne Institute survey indicates a 12.8% increase in the consumer sentiment index, reaching 103.8. A reading above 100 suggests that more consumers are optimistic than pessimistic. - read more
A credit rating is essentially a numerical representation of your financial trustworthiness. It's like a report card for your creditworthiness, where higher scores indicate better financial habits. Lenders and financial institutions scrutinize this score when you apply for credit, serving as a primary factor in approving or denying loan applications. - read more
Welcome to the digital age, where online loans in Australia offer convenience and accessibility like never before. With a few clicks, financing for your next big purchase or consolidation of existing debts is at your fingertips. However, venturing into the world of online lending without a compass can leave you navigating choppy waters. - read more
Personal loans are a type of financing option that individuals can use to fund various personal expenses. Unlike mortgages or car loans, they aren't earmarked for a specific purpose, giving borrowers more flexibility in how they use the funds. These loans are usually unsecured, which means you don’t have to provide collateral to borrow money. - read more
Knowledgebase
Dividend: A distribution of a portion of a company's earnings to its shareholders, usually in the form of cash or additional stock.
