Powered by MOMENTUM MEDIA
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.  

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 the news editor 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.

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

 

Latest News

The major bank has admitted to breaching the NCCP in more than 85 per cent of the 297 alleged contraventions regarding introducer-originat...

The major bank has released a trading update for the first quarter of the 2020 financial year, posting an 8 per cent decline in its cash net...

Women are more likely to enter the property market, and do so at a younger age, than their male counterparts, according to newly released AB...

FROM THE WEB
podcast

LATEST PODCAST: Best interests guidance and pre-approval suspension

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.