Document ID: chunk:federal_register_of_legislation:F2022N00074:reg:5
Version: federal_register_of_legislation:F2022N00074
Segment Type: reg
Provision Reference: reg 5
Character Range: 2479–3128

5  Approval of application for transfer of business
 (1) Under paragraph 14(1)(a) of the Act, as modified by section 8 of the Financial Sector (Transfer and Restructure) Regulations 2018, approval is granted to the National Australia Bank Limited (ABN 12 004 044 937) to hold more than 20% of the gross assets and liabilities of Citigroup Pty Limited (ABN 88 004 325 080).
 (2) The approval is to hold up to 100% of the gross assets and liabilities of Citigroup Pty Limited's banking business.
 (3) The approval granted under subsection (1) remains in force until repealed or otherwise revoked.

Part 3—Related approvals for transfer of business