APRA Revokes ADI License of 86 400 Ltd
Source: Chloe
The Australian Prudential Regulation Authority (APRA), the prudential regulator of the financial services industry, announced on Wednesday the cancellation of the Australian banking services provider 86 400 Ltd's authorised deposit-taking institution (ADI) licence under the Banking Act 1959.
The APRA elaborated that the determination follows the acquisition of 86 400 Ltd by National Australia Bank Limited (NAB) in May 2021, and the subsequent transfer of 86 400 Ltd's banking assets and liabilities to NAB.
Currently, APRA supervises institutions holding $7.9 trillion in assets for Australian depositors, policyholders and superannuation fund members.
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