Global bank Investec has received approval from APRA to carry on banking business in Australia, providing it with greater reach.
Investec Bank will be allowed to operate as a foreign ADI in Australia as of 1 July, reinforcing Investec’s long-term commitment to provide specialist financial services to the region.
Investec has been operating in Australia for 20 years already, but this is the first time it has been able to offer clients full access to its parent’s Investec PLC balance sheet and specialist capabilities.
Chief executive of Investec Australia Milton Samios said the move was transformational for the company and would allow them to access greater markets.
“The move is transformational as we will now be able to provide clients with greater international reach, a stronger balance sheet, and access to deeper pools of expertise,” he said.
The APRA approval also follows a growing presence in the region by Investec, which recently launched a new fund on the ASX, said Mr Samios.
“The announcement also confirms Investec is growing its Australian presence and follows the recent listing of the $800 million Investec Australian Property Fund on the ASX,” he said.
Globally, Investec is listed on the London Stock Exchange and operates in Hong Kong, Singapore, South Africa and the United States.