Investment bank obtains foreign ADI license
A bank specializing in capital markets and investment and business banking has been licensed to operate in Australia.
The Australian Prudential Regulation Authority (APRA) has granted Crédit Agricole Corporate and Investment Bank (Crédit Agricole CIB) a license to operate as a Foreign Approved Depository Institution (Foreign ADI) under the Banking Act of 1959.
Crédit Agricole CIB, a subsidiary of the French retail banking group Crédit Agricole, specializes in the business of market and investment banking and financing.
While Crédit Agricole CIB has been present in Australia since the early 1980s – widely offering a range of financial products and services with particular expertise in the sectors of project finance, real estate and acquisitions – it has now obtained the authorization to operate as a foreign bank. .
Its main clients are financial sponsors, construction contractors, Australian-based companies and investors in the real estate, natural resources, energy and infrastructure sectors.
The license is effective from January 4, 2022.
Crédit Agricole CIB had not issued a declaration at the time of writing.
The bank is the second foreign ADI to receive a banking license from APRA in recent weeks, after Barclays Bank PLC – one of the UK’s largest banks – has been licensed to operate in Australia and plans to open a branch in Sydney in April 2022.
[Related: Bank granted foreign ADI licence]