SYDNEY, March 18 -- Australian Prudential Regulation Authority issued the following media release:
The Australian Prudential Regulation Authority (APRA) notes the successful completion of in1Bank Limited's (in1Bank) return of deposits process, following the transfer of the remaining tail of deposits today to Commonwealth Bank of Australia (CBA).
in1Bank began returning deposits to its customers in January, after announcing it intended to cease being a bank and hand back its authorised deposit-taking institution (ADI) licence to APRA. At the time of its announcement, in1Bank had more than 1,150 customer deposit accounts with deposits totalling approximately $15.9 million.
APRA has closely monitored the return of deposits process, which involved all but a small percentage of in1Bank deposits being transferred to other banking institutions.
Today, in1Bank completed the return of deposits process by voluntarily transferring the remaining 14 accounts with a total deposit value of approximately $14,500 to CBA. CBA has created new accounts for each depositor. Both in1Bank and CBA have contacted affected customers to advise them of the transfer.
APRA formally approved the transfer of deposits to CBA using its powers under the Financial Sector (Transfer and Restructure) Act 1999 and Banking Act 1959. in1Bank is expected to relinquish its licence formally to APRA in the next few weeks.
in1Bank customers that have had deposits transferred to CBA can elect to leave their funds with CBA or transfer them to another bank of their choice once account verification is completed. Customers seeking more information about their deposits or the transfer of deposits process should contact CBA.
Disclaimer: Curated by HT Syndication.
