Approval to hold the transferring business of a financial sector company No. 10 of 2025
Financial Sector (Shareholdings) Act 1998
To: Regional Australia Bank Ltd ABN 21 087 650 360 (the applicant) SINCE:
- the applicant and Summerland Financial Services Limited ABN 23 087 650 806 (the company) are financial sector companies;
- more than 20% of the gross assets and liabilities of the company (the transferring business) are to be transferred to the applicant under the Financial Sector (Transfer and Restructure) Act 1999;
- the applicant has applied to the Treasurer under subsection 13A(2) of the Financial Sector (Shareholdings) Act 1998 (the Act) for approval to hold the transferring business; and
- I am satisfied that it is in the national interest to approve the applicant holding the transferring business,
I, Declan Latimer, a delegate of the Treasurer, under paragraph 14(1)(a) of the Act, APPROVE the applicant holding a 100% stake in the transferring business.
This approval commences on the day it is made and remains in force indefinitely. Date: 28 August 2025
Declan Latimer General Manager
General Insurance and Banking Division
Interpretation
APRA means the Australian Prudential Regulation Authority.
financial sector company has the meaning given in section 3 of the Act.
transferring business has the meaning given in subsection 13A of the Act.
stake in relation to a company, has the meaning given in clause 10 of Schedule 1 to the Act.
Notes
This instrument will be registered on the Federal Register of Legislation as a notifiable instrument.
The Treasurer or the Treasurer’s delegate is required to give a copy of this instrument to the financial sector company and, where applicable, the relevant licensed company.
By operation of regulation 8 of the Financial Sector (Transfer and Restructure) Regulations 2018, the Act applies in relation to a transfer of business under the Financial Sector (Transfer and Restructure) Act 1999 as if section 13A was inserted into the Act.