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APRA revokes Citigroup Pty Limited's banking licence following NAB acquisition

Thursday 30 June 2022

The Australian Prudential Regulation Authority (APRA) has revoked Citigroup Pty Limited's (CPL’s) authorised deposit-taking institution (ADI) licence under the Banking Act 1959. 

This determination follows the acquisition of CPL’s consumer banking business by National Australia Bank Limited (NAB) in June 2022, the subsequent transfer of CPL’s banking assets and liabilities to NAB and CPL’s request for the revocation.

 An updated register of ADIs is available 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, credit unions, building societies, general insurance and reinsurance companies, life insurance, private health insurers, friendly societies, and most members of the superannuation industry. APRA currently supervises institutions holding $7.9 trillion in assets for Australian depositors, policyholders and superannuation fund members.