The Australian Prudential Regulation Authority (APRA) has announced it has authorised China Everbright Bank Co., Ltd as a foreign authorised deposit-taking institution (ADI) under the Banking Act 1959.
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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 $9.8 trillion in assets for Australian depositors, policyholders and superannuation fund members.