(Updates with background, APRA comment)
June 29 (Reuters) - Australia's first neobank, Volt Bank Ltd (IPO-VOT) , said on Wednesday it was shutting down its deposit taking business, returning its banking licence and reducing staff numbers after unsuccessful capital raising initiatives.
The neobank, which in February had intended to raise A$200 million ($138.08 million), made the decision after it was unable to secure additional funding to support the business, it said in a statement.
Mortgage broking firm Australian Finance Group (AFG) (AFG) last year had secured about 8% stake in Volt worth A$15 million, local media had reported https://www.afr.com/street-talk/volt-bank-pitches-investors-for-200m-series-f-raising-20220201-p59suh in February. AFG did not immediately respond to a Reuters request for comment.
Volt said its had executed a transaction to sell its mortgage portfolio and started the process of returning all deposits to customers in full.
"Volt has taken steps to reduce all expenses and staff numbers, other than those required to support the orderly return of deposits and pursue a realisation of the value of our remaining assets," it said.
Australia's prudential regulator in a separate statement said https://www.apra.gov.au/news-and-publications/apra-monitors-volt-return-of-deposits it would closely monitor the process to ensure funds are returned to Volt's depositors.
($1 = 1.4484 Australian dollars)
- Forums
- ASX - By Stock
- News: AFG UPDATE 1-Australia's first neobank Volt to shut deposit taking business, return licence
(Updates with background, APRA comment) June 29 (Reuters) -...
-
- There are more pages in this discussion • 37 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Add AFG (ASX) to my watchlist
|
|||||
Last
$1.60 |
Change
0.013(0.79%) |
Mkt cap ! $433.2M |
Open | High | Low | Value | Volume |
$1.59 | $1.61 | $1.59 | $253.2K | 158.1K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
12 | 7056 | $1.60 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$1.60 | 320 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
8 | 5578 | 1.595 |
11 | 8869 | 1.590 |
12 | 24122 | 1.585 |
10 | 64366 | 1.580 |
6 | 9952 | 1.575 |
Price($) | Vol. | No. |
---|---|---|
1.600 | 2587 | 11 |
1.605 | 6856 | 9 |
1.610 | 12189 | 12 |
1.615 | 23762 | 9 |
1.620 | 7158 | 7 |
Last trade - 13.15pm 15/08/2024 (20 minute delay) ? |
Featured News
AFG (ASX) Chart |
The Watchlist
I88
INFINI RESOURCES LIMITED
Charles Armstrong, CEO & Managing Director
Charles Armstrong
CEO & Managing Director
SPONSORED BY The Market Online