Australian regulator revokes Citigroup Pty Limited’s ADI licence
The Australian Prudential Regulation Authority (APRA) announces that it has revoked Citigroup Pty Limited’s (CPL’s) authorised deposit-taking institution (ADI) licence under the Banking Act 1959.
This determination follows the acquisition of CPL’s consumer banking business by National Australia Bank Limited (NAB) in June 2022, the subsequent transfer of CPL’s banking assets and liabilities to NAB and CPL’s request for the revocation.
The list of ADI license holders in Australia has been quite dynamic lately. Earlier this week, APRA confirmed that Volt Bank Limited intends to return all funds to depositors and ultimately relinquish its licence to operate as an authorised deposit-taking institution.
Volt’s decision to exit the banking industry and pursue other business opportunities is a commercial decision for Volt.