APRA to closely monitor Volt Bank’s exit
Volt Bank is exiting the Australian market and has declared it will return all funds to depositors.
The Australian Prudential Regulation Authority (APRA) has confirmed the move and that Volt will be relinquishing its license to operate as an authorised deposit-taking institution.
The regulator said that Volt’s decision to pursue other business opportunities was a commercial decision taken by the bank.
“As Australia’s financial safety regulator, APRA will closely monitor the process to ensure funds are returned to Volt depositors in an orderly and timely manner,” APRA said.
Volt Bank has told customers they need to withdraw their funds by 5 July.