Revocation of existing approval to hold a stake in a financial sector company of more than 20% No. 5 of 2024
Financial Sector (Shareholdings) Act 1998
To: IFSA Investment Pty Ltd ACN 608 878 959, Abreco Enterprises Pty Ltd ABN 80 637 885 379 and the other persons named in the schedule (the applicants)
SINCE:
- On 5 July 2022, APRA granted approval under subsection 14(1) of the Financial Sector (Shareholdings) Act 1998 (the Act) for the applicants to hold a stake of 100% in Islamic Bank Australia Pty Ltd ABN 37 609 971 280, a financial sector company under the Act (the Existing Approval); and
B. On 1 March 2024, the applicants requested that the Existing Approval be revoked.
I, Renée Roberts, a delegate of the Treasurer, under subsection 18(3) of the Act, REVOKE the Existing Approval.
This instrument commences on the day it is made. Dated: 1 March 2024
Renée Roberts Executive Director Banking Division
Interpretation
In this instrument:
APRA means the Australian Prudential Regulation Authority.
Act means the Financial Sector (Shareholdings) Act 1998.
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.
unacceptable shareholding situation has the meaning given in section 10 of the Act.
Notes