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International Bank of Australia granted new banking licence

Global law firm Ashurst has advised International Bank of Australia Pty Limited on its successful application for a new banking licence.

November 14, 2022 • By Emma Musgrave
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International Bank of Australia granted new banking licence
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Firm: Ashurst (International Bank of Australia)

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Deal: International Bank of Australia has been advised on its successful application to the Australian Prudential Regulation Authority (APRA) to become a restricted authorised-deposit taking institution (ADI) and IBOA Group Holdings Pty Limited as a non-operating holding company.

 
 

Value: N/A

Area: Corporate

Key players: The Ashurst team was led by partner Stuart Dullard with support from counsel Jason Maletic.

Deal significance: As per a statement on APRA’s website, International Bank of Australia has been granted a licence to operate as a restricted authorised deposit-taking institution (Restricted ADI) and IBOA Group Holdings Pty Limited as a non-operating holding company, under the Banking Act 1959.

Ashurst lead partner on the deal Stuart Dullard said the firm was pleased to assist International Bank of Australia on this move.

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“We are delighted to have acted for International Bank of Australia on its successful application to become a restricted ADI,” Mr Dullard said.

“We congratulate the team at International Bank of Australia on achieving this milestone.”

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Emma Musgrave

Emma Musgrave

Author

Emma Musgrave (née Ryan) is the managing editor, professional services at Momentum Media.

Emma has worked for Momentum Media since 2015, including five years spent as the editor of the company's legal brand - Lawyers Weekly. Throughout her time at Momentum, she has been responsible for breaking some of the biggest stories in corporate Australia. In addition, she has produced exclusive multimedia and event content related to the company's respective brands and audiences. 

Prior to joining Momentum Media, Emma worked in breakfast radio, delivering news to the Central West region of NSW, before taking on a radio journalist role at Southern Cross Austereo, based in Townsville, North Queensland.

She holds a Bachelor of Communications (Journalism) degree from Charles Sturt University. 

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

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