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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.
Emma Musgrave
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.
“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.”
