Notice of name change of authorised deposit- taking institution
Banking Act 1959
I, Keith Chapman, a delegate of APRA, under paragraph 9B(1)(b) of the Banking Act 1959 (the Act), am satisfied that Korea Exchange Bank Co., Ltd ABN 96 164 085 563, which holds an authority under section 9 of the Act (the Authority), has changed its name to KEB HANA Bank ABN 96 164 085 563.
Under subsection 9B(3) of the Act, the Authority is taken to have effect, after publication of this Notice in the Gazette, as if it had been granted to KEB HANA Bank.
Dated 13 October 2015
[Signed]
Keith Chapman
Executive General Manager Specialised Institutions Division
Interpretation Document ID: 219261
In this Notice
APRA means the Australian Prudential Regulation Authority.
12/10/2015
Overview
The Notice of name change of authorised deposit-taking institution is a gazetted document issued under the Banking Act 1959, which was enacted to regulate banking in Australia and ensure the financial stability of the banking sector. The Notice, issued by Keith Chapman, a delegate of the Australian Prudential Regulation Authority (APRA), addresses the formal change of name of an authorised deposit-taking institution, in this case, the Korea Exchange Bank Co., Ltd, to KEB HANA Bank. This change was made to reflect the institution's new identity while maintaining its authorisation under the Act. The document was published in the Gazette on 13 October 2015 and signifies the Authority granted to the institution, now under its new name, KEB HANA Bank. The policy objective is to ensure that any changes to the authorised deposit-taking institutions are properly communicated and recorded to maintain transparency and compliance with the requirements of the Banking Act 1959.
Scope and Application
The Notice of name change of an authorised deposit-taking institution under the Banking Act 1959 applies to the entity Korea Exchange Bank Co., Ltd, which has changed its name to KEB HANA Bank. The Act pertains to institutions that hold an authority under section 9, and in this instance, the Authority held by Korea Exchange Bank Co., Ltd is now deemed to be held by KEB HANA Bank post the publication of this Notice in the Gazette. The application of this legislation is within the Commonwealth jurisdiction, as it involves a change of name for an institution that operates under the regulatory oversight of the Australian Prudential Regulation Authority (APRA). The Notice confirms the legal transition of the institution's name and its continued operation under the existing authority, ensuring that the change in name does not affect the institution's operational legality or regulatory standing. The Act itself does not specify any exclusions, exemptions, or thresholds in relation to this name change, and it does not extend or restrict application through subordinate instruments in this specific notice.
Key Provisions
The Notice of name change of authorised deposit-taking institution, issued under the Banking Act 1959, indicates that Korea Exchange Bank Co., Ltd, which holds an authority under section 9 of the Act, has changed its name to KEB HANA Bank. According to section 9B(1)(b) of the Act, Keith Chapman, a delegate of APRA, has approved this change. The Authority, previously held by Korea Exchange Bank Co., Ltd, is now considered to be held by KEB HANA Bank, effective from the date of publication of this Notice in the Gazette (section 9B(3)). The new name, KEB HANA Bank, now has the same legal standing and regulatory authority as its predecessor under the Act.
The Banking Act 1959 imposes several obligations and requirements on the entities it governs. In this case, the requirement to notify the Australian Prudential Regulation Authority (APRA) of a name change is a crucial aspect. Section 9B(1)(b) mandates that any change in the name of an authorised deposit-taking institution must be approved by a delegate of APRA, ensuring that the regulatory framework remains consistent and transparent. By notifying APRA and obtaining the necessary approval, KEB HANA Bank ensures compliance with the statutory obligations outlined in the Act. This process helps maintain the integrity and stability of the financial system, as regulated entities must adhere to the stipulated provisions.
The Act includes provisions for penalties and consequences in the event of non-compliance with its requirements. While the Notice itself does not specify penalties for failing to notify APRA of a name change, the Banking Act 1959 generally includes provisions for civil and criminal penalties for breaches of its provisions. For instance, section 118 of the Act outlines the potential for fines and imprisonment for various offences, including unauthorised activities or misrepresentations. These penalties serve as deterrents against non-compliance, ensuring that authorised deposit-taking institutions adhere to the regulatory standards set forth by APRA and the Act. In the case of KEB HANA Bank, compliance with the notification requirement is crucial to avoid any potential legal repercussions.