Media release

APRA monitors Xinja return of deposits

Banking
Published
16 December 2020
Print

The Australian Prudential Regulation Authority (APRA) notes today’s announcement by Xinja Bank Limited (Xinja) that it intends to return all funds to depositors and ultimately relinquish its licence to operate as an authorised deposit-taking institution (ADI).

Xinja’s decision to exit the banking industry and pursue other business opportunities is a commercial decision for Xinja. 

As Australia’s financial safety regulator, APRA will closely monitor the return of deposits to ensure all funds are returned to Xinja depositors in an orderly and timely manner.

In addition to the return of deposit process, Xinja’s depositors remain protected by the Financial Claims Scheme (FCS).

Media enquiries

Contact APRA Media Unit, on +61 2 9210 3636

All other enquiries

For more information contact APRA on 1300 558 849.

 

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. 

Footnotes