APRA approves National Australia Bank acquisition of 86 400
The Australian Prudential Regulation Authority (APRA) has today granted approval to National Australia Bank Limited under section 14(1)(a) of the Financial Sector (Shareholdings) Act 1998 to hold a 100 per cent stake in 86 400 Holdings Ltd and 86 400 Ltd. The approval is subject to the relevant scheme of arrangement between 86 400 Limited and its members receiving court approval under Part 5.1 of the Corporations Act.
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The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, mutuals, general insurance and reinsurance companies, life insurance, private health insurers, friendly societies, and most members of the superannuation industry. APRA currently supervises institutions holding around $9 trillion in assets for Australian depositors, policyholders and superannuation fund members.