Conditions on authority to carry on banking business
Banking Act 1959 (‘the Act’)
To: Xinja Bank Limited ABN 99 618 937 054 (‘body corporate’)
Since the body corporate holds an authority to carry on banking business in Australia that is subject to a condition (‘the authority’),
I, Renée Roberts, a delegate of APRA, under paragraph 9AA(1)(a) of the Act, impose on the authority the additional condition specified in the Schedule.
When this notice takes effect, the conditions which apply to the authority are those set out in the attached Schedule of consolidated conditions.
This instrument takes effect on the date it is made. Dated: 16 February 2021
[Signed]
Renée Roberts1 Executive Director Policy & Advice
Interpretation
APRA means the Australian Prudential Regulation Authority.
banking business has the meaning given in subsection 5(1) of the Act.
1 A delegate of APRA.
Schedule – the additional condition imposed on the authority
1. Xinja must not recommence carrying on banking business in Australia, but is permitted to undertake activities to enable the revocation of its section 9 authority.
Schedule – the consolidated conditions
- Xinja must not change the terms of its existing shareholder or subscription agreements, or enter into any new shareholder or subscription agreements with existing shareholders, subscribers or their associates, without APRA’s consent
2. Xinja must not recommence carrying on banking business in Australia, but is permitted to undertake activities to enable the revocation of its section 9 authority.
A decision to impose conditions, or to vary or revoke conditions on the authority is a decision to which Part VI of the Act applies. You may request APRA reconsider the decision in accordance with subsection 51B(1) of the Act. The request for reconsideration must be made in writing, must set out the reasons for making the request, and must be given to APRA within 21 days after the day on which you first received notice of this decision, or within such further period as APRA allows. If you are dissatisfied with the outcome of APRA’s reconsideration of the decision, you may, subject to the Administrative Appeals Tribunal Act 1975, apply to the Administrative Appeals Tribunal for review of the reconsidered decision.
APRA is required to publish this notice in the Gazette.
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