APRA revokes Members Equity Bank Limited’s banking licence
The Australian Prudential Regulation Authority (APRA) has revoked 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.
An updated list of ADIs can be found on the APRA website at: Register of authorised deposit-taking institutions.
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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.