APRA Revokes ADI License of Members Equity Bank

The Australian Prudential Regulation Authority (APRA), the prudential regulator of the financial services industry, today announced the cancellation of Members Equity Bank Limited's (ME Bank's) authorised deposit-taking institution (ADI) licence under the Banking Act 1959.

The determination follows the acquisition of ME Bank by Bank of Queensland Limited (BOQ) in July 2021, the subsequent transfer of ME Bank's banking assets and liabilities to BOQ and ME Bank's request for the revocation.

As Fazzaco reported earlier, APRA has canceled the Australian banking services provider 86 400 Ltd's authorised deposit-taking institution (ADI) licence under the Banking Act 1959.

APRA oversees banks, credit unions, building societies, general insurance and reinsurance companies, life insurance, private health insurers, friendly societies, and most members of the superannuation industry. APRA currently supervises institutions holding $7.9 trillion in assets for Australian depositors, policyholders and superannuation fund members.