Global law firm Ashurst has advised International Bank of Australia Pty Limited on its successful application to APRA to become a restricted authorised-deposit taking institution (ADI) and IBOA Group Holdings Pty Limited as a non-operating holding company.
Ashurst Partner Stuart Dullard commented:
“We are delighted to have acted for International Bank of Australia on its successful application to become a restricted ADI. We congratulate the team at International Bank of Australia on achieving this milestone.”
The Ashurst team was led by partner Stuart Dullard and counsel Jason Maletic.
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Read the article: https://www.miragenews.com/ashurst-advises-international-bank-of-australia-888845/
What's a
Restricted ADI?
International Bank of Australia is authorised by the Australian Prudential Regulation Authority (APRA) to operate under a Restricted Authorised Deposit-taking Institution licence until 2nd November 2024. Under this authority International Bank of Australia has restrictions on the amount of deposits it can take. Under this restricted licence International Bank of Australia is not required to meet the full ADI prudential framework and will not be offering banking products to the general public.
International Bank of Australia has put in place arrangements to protect customers in the event it is required by APRA to discontinue banking business and exits the banking industry. This includes:
- International Bank of Australia being required by APRA to contact customers to advise how they are impacted, e.g. deposits may be returned or transferred to another bank;
- the Banking Act 1959 provisions for the protection of depositors apply to International Bank of Australia; and
- International Bank of Australia is covered by the Australian Government Financial Claims Scheme (FCS). The FCS applies only to protected accounts. It is important customers check the terms and conditions of their specific product to determine if it is protected under the FCS.
Licensing guidelines for authorised deposit-taking institutions | APRA
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