APRA revokes two banking licences

At the time of revocation, the bank had not launched any products.

The Australian Prudential Regulation Authority (APRA) has approved requests from International Bank of Australia and IBOA Group Holdings to revoke their licences. 

International Bank of Australia had been operating as a restricted authorised deposit-taking institution (ADI), and IBOA Holdings as a non-operating holding company (NOHC), since receiving their licences in November 2022 under the Banking Act 1959.

At the time of revocation, International Bank of Australia had not launched any products, held no customer accounts, and had zero deposits. The revocation of the bank's restricted ADI licence does not affect its ability to apply for an ADI or restricted ADI licence in the future.