The Australian Prudential Regulation Authority (APRA) has agreed to requests from International Bank of Australia Pty Limited to revoke its licence to operate as a restricted authorised deposit-taking institution (ADI) and IBOA Group Holdings Pty Ltd to revoke its licence to operate as a non-operating holding company (NOHC).

APRA granted International Bank of Australia and IBOA Holdings licences to operate as a restricted ADI and a NOHC respectively under the Banking Act 1959 in November 2022. At the time of revocation, International Bank of Australia had not launched any products and had no customers and zero deposits.

International Bank of Australia’s decision to request a revocation of its restricted ADI licence does not prejudice any future application it may make for an ADI or restricted ADI licence.