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Alex Bank successful in application for new banking licence
Global law firm Ashurst has advised Alex Bank Pty Ltd on its successful application to APRA to become a restricted authorised deposit-taking institution (ADI).
Emma Musgrave
Firm: Ashurst (Alex Bank Pty Ltd).
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Deal: Alex Bank Pty Ltd (Alex Bank) has been granted a licence from APRA to become a restricted authorised-deposit taking institution (ADI).
Value: N/A.
Area: Banking and finance.
Key players: The team advising Alex Bank was led by Ashurst partner Stuart Dullard, with support from Jason Maletic and Kenneth Tang.
Deal significance: As per a statement provided by Ashurst, this matter sees Alex Bank become the first applicant to be granted a banking licence since APRA placed a moratorium on the issue of banking licences following the onset of the COVID-19 pandemic.
“We are very privileged to have been a part of Alex Bank’s journey from very early on and are delighted to have advised Alex Bank on its successful application to APRA to become a restricted authorised deposit-taking institution,” said Ashurst lead partner Mr Dullard.
“We congratulate the team at Alex Bank on achieving this tremendous milestone and on becoming a new player in the banking industry.”
