Avenue Bank has been awarded an unrestricted banking licence by the Australian Prudential Regulation Authority and will become the country’s first niche bank focused on providing bank guarantees to small businesses and landlords.
“We are the first and only bank to specialise in bank guarantees, and we are hopeful there will be strong take-up of the product this year,” said Avenue Bank CEO Peita Piper. APRA gave it the green light on Monday.
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James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
