Land Bank of Taiwan secures license to operate in Australia

It can operate as a foreign authorised deposit-taking institution.

The Australian Prudential Regulation Authority (APRA) has granted Land Bank of Taiwan Co., Ltd. a license to operate in Australia.

With this, Land Bank of Taiwan can operate as a foreign authorised deposit-taking institution (Foreign ADI) under the Banking Act 1959.

APRIA is the prudential regulator of the financial services industry in Australia. It currently supervises institutions holding around $9t in assets.

It oversees banks, mutuals, general insurance and reinsurance companies, life insurance, private health insurers, friendly societies, and most members of the superannuation industry.