Powered by MOMENTUM MEDIA
subscribe to our newsletter

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.  

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.

Advertisement
Advertisement

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]

PROMOTED CONTENT


APRA grants banking licence to foreign lender
APRA
mortgagebusiness

Charbel Kadib

Charbel Kadib is the news editor on the mortgages titles at Momentum Media.

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

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

Latest News

The big four bank has confirmed that it is rolling out a new program of work to increase the speed in which it provides unconditional approv...

The ASBFEO has called on government to fund a revenue-contingent loan scheme for SMEs to help them manage cash flow once support measures en...

The fintech’s debit card and pay facilities will come offline today following the neobank’s decision to exit the banking business. ...

FROM THE WEB

Join a group of highly informed brokers.

Broker Pulse, a community-driven knowledge base of lender performance Reveal exactly which lenders are making life easiest for brokers and their clients by taking this monthly survey and joining a group of highly informed brokers who leverage these insights every month.

JOIN NOW
podcast

LATEST PODCAST: A new mortgage lender enters the fray

Do you expect to see strong uptake of the HomeBuilder scheme?

Website Notifications

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