Overview

The Notice of Name Change of ADI 2024 – Suncorp-Metway Limited, published in the Commonwealth of Australia Gazette (C2024G00472) on 12 August 2024, formalises the transition of Suncorp-Metway Limited to Norfina Limited. This notification was issued under the authority of Peter Diamond, acting as a delegate of the Australian Prudential Regulation Authority (APRA), pursuant to paragraph 9B(1)(b) of the Banking Act 1959. The Act was enacted in 1959 to regulate and oversee the operations of authorised deposit-taking institutions (ADIs) in Australia, ensuring financial stability and consumer protection. This specific notice addresses the procedural requirements for a name change of an ADI, ensuring the continuity of regulatory oversight and compliance with the Act. The policy objective is to maintain the integrity of the financial system by ensuring that any changes in the corporate structure of an ADI are transparently and effectively managed.

Scope and Application

The Notice of Name Change of ADI 2024 pertains to Suncorp-Metway Limited, which has legally transitioned to Norfina Limited. This change is authorised under the Banking Act 1959 and involves the Australian Prudential Regulation Authority (APRA). The Act applies specifically to entities that hold a section 9 authority to conduct banking business in Australia, and in this case, Suncorp-Metway Limited, now known as Norfina Limited, is the entity affected by this name change. The geographic reach of this notice is nationwide, impacting all areas where the entity operates under its new name. The notice confirms that the section 9 authority, which allows the entity to carry on banking business, remains in effect for the entity under its new designation. The authority will apply post-publication of this notice, and APRA is mandated to publish this instrument in the Gazette, with the option of disseminating it through other appropriate channels as well. The Act does not outline specific exclusions or exemptions in this context, but the transition of authority and operations under the new name is seamlessly facilitated by the statutory requirements.

Key Provisions

The primary operative sections of the Notice of Name Change of ADI 2024 – Suncorp-Metway Limited are found in the Banking Act 1959. Section 9B(1)(b) of the Act provides the authority for a delegate of APRA to be satisfied that a change in the name of a bank holding a section 9 authority has occurred, as evidenced in the Notice dated 12 August 2024. This section ensures that the legal framework acknowledges and accommodates such changes, maintaining the continuity of the bank's regulatory status despite its name alteration. The Notice imposes specific obligations on the parties involved. Suncorp-Metway Limited, now operating under the name Norfina Limited, must ensure that all documentation and communications reflect the new name to maintain compliance with the Act. This includes updating all records with regulatory bodies and customers. Additionally, Norfina Limited must notify relevant stakeholders, including the Australian Prudential Regulation Authority (APRA), of the name change to ensure transparency and regulatory compliance. Failure to comply with the provisions of the Notice and the Banking Act 1959 can result in significant consequences. While the Notice itself does not explicitly state penalties, breaches of the Act, such as operating under an unauthorised name, can lead to substantial fines and legal action. The Banking Act 1959 allows for penalties of up to $1.1 million for individuals and $5.5 million for bodies corporate for serious or repeated breaches. Additionally, continued operation under an unauthorised name can result in the revocation of the section 9 authority, effectively shutting down the bank’s operations. Moreover, the Notice mandates that APRA publish the name change in the Gazette and may use other appropriate means to disseminate the information. This ensures that all stakeholders are promptly informed of the change, maintaining the integrity of the financial system and protecting the interests of depositors and the public. In summary, the Notice of Name Change of ADI 2024 – Suncorp-Metway Limited is a formal notification under the Banking Act 1959, confirming the change of name from Suncorp-Metway Limited to Norfina Limited. It outlines the requirements for updating regulatory and public records, and it underscores the potential legal and financial consequences for non-compliance. This ensures that the transition is smooth, transparent, and in line with Australian banking regulations.