Revocation of existing approval and granting of an approval to hold a stake in a financial sector company of more than 20% - No. 5 of 2023

Financial Sector (Shareholdings) Act 1998

To: The Existing Approval Holders listed in Schedule 1 and the Applicants listed in Schedule 2

SINCE:

1. On 2 May 2011, the Existing Approval Holders were granted approval under subsection 14(1) of the Financial Sector (Shareholdings) Act 1998 (the Act) to hold a 100% stake in numerous financial sector companies (the Existing Approval1);

B.            The Existing Approval Holders requested that the Existing Approval be revoked;

C.            The Applicants applied to the Treasurer under section 13 of the Act for approval to hold a 100% stake in Youi Pty Ltd ABN 79 123 074 733 (Youi) and Youi Holdings Pty Ltd ABN 41 124 972 425 (Youi Holdings), each a financial sector company under the Act;

D.            I am satisfied it is in the national interest for the Applicants to hold a 100% stake in Youi and Youi Holdings.

I, Vincent Lee, a delegate of the Treasurer:

(a)          under subsection 18(3) of the Act, revoke the Existing Approval; and

(b)          under paragraph 14(1)(a) of the Act, approve each of the Applicants to hold a 100% stake in Youi and Youi Holdings.

1 No. GN 18, 11 May 2011, page 1019

The instrument commences on the day it is made and remains in force indefinitely. Dated: 24 May 2023

Vincent Lee

Acting General Manager Insurance Division

Australian Prudential Regulation Authority

Interpretation

In this instrument:

financial sector company has the meaning given in section 3 of the Act.

stake in relation to a company, has the meaning given in clause 10 of Schedule 1 to the Act.

Schedule 1 – Existing Approval Holders

1. Discovery Holdings Limited
2. Financial Securities Limited
3. Firness International Pty Limited
4. FirstRand Limited
5. FirstRand Bank Limited
6. FirstRand EMA Holdings Limited
7. FirstRand Investment Holdings (Pty) Limited
8. MMI Holdings Limited
9. Momentum Short Term Insurance Company Limited
10. OUTsurance Holdings Limited (formerly FirstRand STI Holdings Limited)
11. OUTsurance Insurance Company Limited
12. OUTsurance Insurance Company of Namibia Limited
13. OUTsurance International Holdings Pty Ltd (formerly FirstRand STI International Holdings Limited)
14. OUTsurance Life Insurance Company Limited
15. OUTsurance Group Limited (formerly Rand Merchant Investment Holdings Limited and Rand Merchant Insurance Holdings Limited)
16. Remgro Limited
17. RMB Holdings Limited
18. RMB-SI Holdings Limited
19. SIAS Administration Pty Limited (formerly FirstRand STI Administration (Proprietary) Limited)
20. Youi Holdings Pty Ltd (formerly FirstRand STI Australia Holdings Pty Ltd) ABN 41 124 972 425

Schedule 2 – Applicants

1. Remgro Limited (South Africa)
2. OUTsurance Group Limited (formerly Rand Merchant Investment Holdings Limited) (South Africa)
3. OUTsurance Holdings Limited (South Africa)
4. OUTsurance International Holdings (Pty) Ltd (South Africa)
5. Youi Holdings Pty Ltd ABN 41 124 972 425
6. Youi Pty Ltd ABN 79 123 074 733