The Australian Prudential Regulation Authority has revoked in1Bank Limited’s authorised deposit-taking institution licence under the Banking Act 1959 after in1Bank completed its return of deposits process in March, following its January announcement that it intended to exit the banking industry. APRA has updated its public list of registered authorised deposit-taking institutions accordingly. At the time of the January announcement, in1Bank had more than 1,150 customer deposit accounts with deposits totalling approximately AUD 15.9 million. APRA monitored the return process, during which depositors remained protected by the Financial Claims Scheme and all but a small percentage of deposits were transferred to other banking institutions. The final 14 accounts, with total deposits of approximately AUD 14,500, were voluntarily transferred to Commonwealth Bank of Australia, which opened new accounts for those depositors, after APRA approved the transfer under the Financial Sector (Transfer and Restructure) Act 1999 and the Banking Act 1959.
Australian Prudential Regulation Authority 2026-05-04
Australian Prudential Regulation Authority revokes in1Bank’s ADI licence after return of about AUD 15.9 million in deposits
The Australian Prudential Regulation Authority has revoked in1Bank Limited’s authorised deposit-taking institution licence under the Banking Act 1959 after the bank completed the return of deposits process and exited the banking industry. APRA monitored the transfer of more than AUD 15.9 million in deposits, with the final 14 accounts, totalling approximately AUD 14,500, voluntarily transferred to Commonwealth Bank of Australia under an APRA-approved transfer.