SYDNEY, March 18 -- Australian Prudential Regulation Authority issued the following media release:
The Australian Prudential Regulation Authority (APRA) notes the successful completion of in1Bank Limited's (in1Bank) return of deposits process, following the transfer of the remaining tail of deposits today to Commonwealth Bank of Australia (CBA).
in1Bank began returning deposits to its customers in January, after announcing it intended to cease being a bank and hand back its authorised deposit-taking institution (ADI) licence to APRA. At the time of its announcement, in1Bank had more than 1,150 customer deposit accounts with deposits totalling approximately $15.9 million.
APRA has closely monitored the return of deposits process, which in...