SocGen comes to Australia
(17 May 2019 – Australia) The Australian Prudential Regulation Authority (APRA) has granted French bank Societe Generale a licence to operate as a foreign ADI.
The new ADI licence will enable the bank to conduct banking business in Australia, with the exception of receiving retail deposits.
Societe Generale is the second foreign lender to be authorised by APRA in 2019, after the regulator granted a banking licence to China Everbright Bank in January.
Several Australia-based challenger banks have also recently been authorised, with SME lender Judo Bank receiving a full licence last month to join Volt Bank and Xinja Bank.