Mortgage Business
Digital lender issued restricted ADI licence By Malavika Santhebennur 08 July 2021
The regulator has granted a restricted ADI licence to a digital personal lender, making it one of two restricted ADIs in Australia.
The Australian Prudential Regulation Authority has granted a licence to Alex Bank Pty Ltd to operate as a restricted authorised deposit-taking institution (ADI), and Alex Corp Ltd as a non-operating holding company, under the Banking Act 1959.
APRA’s granting of the restricted licence to Alex Bank has followed it extending the restricted ADI of challenger bankIn1bank, while digital bank Volt was the first to receive a restricted ADI in 2018 (but it now has a full ADI licence).
Super s exceptionalism is a systematic failure afr.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from afr.com Daily Mail and Mail on Sunday newspapers.
“This appointment further strengthens Cbus’ overall investment capability and continues our strategy to build our level of expertise in-house. This enables Cbus to respond quickly to opportunities and negotiate directly for the best investment outcomes for our members.”
Ferguson was most recently head of investment risk at the Australian Prudential Regulation Authority (APRA) and prior to that, managed AustralianSuper’s active and overlay currency programmes.
“I’m delighted to be joining a super fund that is so focused on generating the best investment outcomes for its members,” Ferguson said.
“My experience and outlook strongly align with Cbus’ investment objectives for their members and I look forward to contributing to the consolidation and enhancement of its history of top-quartile performance.”
Athene Leads Minority Investment in Australia s Challenger Limited
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HAMILTON, Bermuda, July 6, 2021 /PRNewswire/ Athene Holding Ltd. ( Athene ) (NYSE:ATH), a leading retirement services company, today announced that it, along with its strategic partner, Apollo Global Management ( Apollo ) (NYSE:APO), have agreed to acquire a 15% minority interest in Challenger Limited ( Challenger ) (ASX:CGF) from an existing shareholder, 3% of which is subject to customary Australian Prudential Regulation Authority approval. When combined with other Challenger shares acquired by Athene and Apollo, the acquisition of the 15% equity interest will result in a total expected minority economic interest of 18% for approximately A$720 million (or US$540 million). Athene and Apollo see attractive long-term opportunities in partnering with and supporting Challenger s continued growth as minority shareholders.
“We look forward to working with Athene and Apollo as we continue to pursue our shared purpose of providing customers financial security for a better retirement,” he said.
Athene chief executive, Jim Belardi, said: “Together we believe we can help Challenger continue to build long-term value, similar to what we’ve been able to achieve in building Athene’s business in the US and supporting the growth of our sister company Athora in Europe, where we are also minority shareholders”.
The acquisition followed Athene’s pending agreement to merge with Apollo. It said entering the Australian market was part of its strategy to be a global solutions provider and followed business initiatives over the last two years in the UK and Japan.