The Australian Prudential Regulation Authority (APRA) has granted Intesa Sanpaolo SPA a licence to operate as a foreign authorised deposit-taking institution (ADI) under the Banking Act 1959.
The Intesa Sanpaolo Group has a market capitalisation of €37.4 billion, approximately 14.6 million customers and more than 6,000 branches worldwide.
It covers retail and corporate banking (including mortgage lending), as well as wealth management.
While the vast majority of its branches are based in Italy, it also has more than 800 across Europe, more than 170 in Africa, and several across Asia and two in the USA.
With the granting of an authority to carry on a banking business in Australia, it is able to open a branch in Australia.
It has become the 22nd bank to be granted a licence to operate as a foreign ADI by APRA, and the first foreign ADI licence granted since APRA resumed licensing in August of this year.
[Related: APRA resumes issuing banking licences]
Annie Kane is the editor of The Adviser and Mortgage Business.
As well as writing about the Australian broking industry, the mortgage market, financial regulation, fintechs and the wider lending landscape – Annie is also the host of the Elite Broker and In Focus podcasts and The Adviser Live webcasts.