APRA Revokes Bank of Nova Scotia’s Australian Banking Licence | LeapRate
The Australian Prudential Regulation Authority has revoked the authorised deposit-taking institution licence of the Bank of Nova Scotia after the lender formally requested its removal as it exits the Australian banking market.
In a brief notice published Monday, the regulator confirmed it had agreed to the bank’s request to surrender the licence, marking the latest step in the Canadian group’s withdrawal from parts of the Asia-Pacific region.
APRA said the updated list of authorised deposit-taking institutions is available on its website.
The move follows a series of strategic adjustments by the bank over the past year. In August, Bloomberg reported that the bank had carried out layoffs across its U.S. and Asia-Pacific investment-banking operations as part of wider restructuring efforts.
A spokesperson said at the time that the firm remained focused on growth in the United States, noting that staffing changes were part of routine business planning.
The bank has also been winding down smaller investment-banking units in Hong Kong and Australia, according to the same reporting. The spokesperson described those steps as aligned with the bank’s global strategy and emphasised that the decisions did not reflect market conditions or employee performance.
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