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APRA authorises new ADI

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APRA has announced that it has authorised a new foreign authorised deposit-taking institution, allowing the bank to operate in Australia. 

The Australian Prudential Regulation Authority has confirmed that China Everbright Bank Co has been authorised as a new foreign ADI under the Banking Act 1959

The Chinese bank currently operates to retail and corporate clients in China, Hong Kong and South Korea, offering corporate and retail banking, financial markets and interbank business segments. 

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The bank has recently seen its share price drop by 2.12 per cent after it was handed a fine from the Chinese banking and insurance regulator. 

The fine from the regulator was handed down to six Chinese banks, including Everbright for a range of offences including disclosure of information regarding wealth management products to internal governance issues. 

Despite the recent issues the bank was named by UK magazine Banker as one of the world’s top 1,000 banks with a ranking of 39. 

 

 

APRA authorises new ADI
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Eliot Hastie

Eliot Hastie

Eliot Hastie is a journalist at Momentum Media, writing primarily for its wealth and financial services platforms. 

Eliot joined the team in 2018 having previously written on Real Estate Business with Momentum Media as well.

Eliot graduated from the University of Westminster, UK with a Bachelor of Arts (Journalism).

You can email him on: [email protected]

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