Powered by MOMENTUM MEDIA
Powered by MOMENTUM MEDIA
subscribe to our newsletter
APRA grants banking licence to foreign lender

APRA grants banking licence to foreign lender

The prudential regulator has granted a foreign ADI licence to a France-based lender.  

The Australian Prudential Regulation Authority (APRA) has granted Societe Generale a licence to operate as a foreign authorised deposit-taking institution (ADI) under the Banking Act 1959.

The French lender operates across a range of global networks, including the Asia Pacific, where it has been active since 1867.  

Advertisement
Advertisement

Societe Generale opened its first Australian office in 1981, located in Sydney, where it has provided products and services in the areas of financial advisory and global markets.

The foreign lender’s new ADI licence will enable it to conduct banking business in Australia, with the exception of receiving retail deposits – as per the conditions of a foreign ADI licence.

Societe Generale is the second foreign lender to be authorised by APRA in 2019, after the regulator granted a banking licence to China Everbright Bank in January.

Several Australia-based challenger banks have also recently been authorised by the regulator, with SME lender Judo Bank receiving a full ADI licence last month.  

Judo Bank is the latest neobank to receive a banking licence, with Volt Bank receiving a licence in May 2018, and Xinja Bank authorised to operate as a restricted ADI in December 2018.

86 400 has also applied for an ADI licence, which it expects to receive in the coming months.

[Related: APRA authorises new bank]

APRA grants banking licence to foreign lender
APRA
mortgagebusiness

Charbel Kadib

Charbel Kadib is a journalist on the mortgages titles at Momentum Media.

Before joining the team in 2017, Charbel held roles with public relations agency Fifty Acres, and the Department of Communications and the Arts.

Charbel graduated from the University of Notre Dame Australia with a Bachelor of Arts (Politics & Journalism).

You can email Charbel on: This email address is being protected from spambots. You need JavaScript enabled to view it.

 

Latest News

Regulators could move to set caps on loan volumes for borrowers with high debt-to-income ratios if the housing market recovery continues to ...

The federal Treasurer has welcomed the final budget outcome for the 2019 financial year, which shows that the deficit now equates to zero pe...

The Federal Reserve has slashed rates for the second consecutive month, “reinforcing” the necessity of further cuts to the cash rate in ...

FROM THE WEB
podcast

LATEST PODCAST: New lending launches

Do you think the mortgage market will see more consolidation this year?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.