Revocation of approval to hold a stake of more than 20% in a financial sector company No. 9 of 2024 (Cth)

Revocation of approval to hold a stake of more than 20% in a financial sector company No. 9 of 2024

Financial Sector (Shareholdings) Act 1998 To: IBOA Group Holdings Pty Ltd ABN 35 631 278 736 (IBOA Holdings) and Novatti Group Limited ABN 98 606 556 183 (Novatti) (together, the companies)

SINCE: 1. on 2 November 2022, APRA granted approvals under paragraph 14(1)(b) of the Financial Sector (Shareholdings) Act 1998 (the Act) for:

1. Novatti to hold a stake of 90.89% in IBOA Holdings, then a financial sector company under the Act, under Approval to hold a stake of more than 20% in a financial sector company No. 17 of 2022 F2022N00252 (the First Approval); and

2. the companies to hold a stake of 100% in International Bank of Australia Pty Limited ABN 34 631 284 396 (IBOA), then a financial sector company under the Act, under Approval to hold a stake of more than 20% in a financial sector company No. 18 of 2022 F2022N00251 (the Second Approval);

1. on 30 September 2024, APRA revoked the authority granted to IBOA under subsection 9(3) of the Banking Act 1959, and IBOA and IBOA Holdings both ceased to be financial sector companies under the Act;

1. on 30 September 2024, IBOA Holdings requested that its approval under the Second Approval be revoked; and

1. I am satisfied that it is in the national interest to revoke the First Approval and the Second Approval,

I, Peter Diamond, a delegate of the Treasurer under paragraph 18(1)(a) of the Act, REVOKE the First Approval and the Second Approval.

This instrument commences on the 90th day after it is registered on the Federal Register of Legislation.

Dated: 4 October 2024

Peter Diamond General Manager General Insurance and Banking Division