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Banco Santander shutters Australian ops

Spain's Banco Santander SA shut down its operations in Australia, The Australian reported Dec. 1.

The closure follows a recent confirmation from the Australian Prudential Regulation Authority that the Spanish bank's license had been suspended. In 2016, the lender signaled that its Australian operations were under review.

The closure of Banco Santander's Australian operations follows the shuttering of several international banks' and investment banks' operations in the country, including Barclays Plc, Canada's GMP Capital Inc. and Malaysia's CIMB Group Holdings Bhd.

Banco Santander ran its operations in Sydney for four years and specialized in corporate lending. The bank had about A$160 million of loans on its book as of the end of June 2016.

Industry observers have questioned whether Australia's royal commission could prompt more exits from the country's market, the publication reported.