The Australian Prudential Regulation Authority (APRA) has revoked in1Bank Limited’s authorised deposit-taking institution (ADI) licence under the Banking Act 1959.

in1Bank completed its return of deposits process in March. in1Bank began returning deposits to its customers in January, after announcing it intended to cease being a bank and hand back its ADI licence to APRA.

APRA formally approved the transfer of deposits to CBA using its powers under the Financial Sector (Transfer and Restructure) Act 1999 and Banking Act 1959.