The Australian Prudential Regulation Authority will force Medibank to hold an additional $250 million in capital from July.
A $250 million whack from the Australian Prudential Regulation Authority is unlikely to stall any potential acquisition plans at Medibank, analysts say, but could point to further adverse findings against the health insurer as it battles class action lawsuits from customers over last year’s data breach.
The company is facing down three class action lawsuits from customers and shareholders because of the breach. Law firm Maurice Blackburn has also filed a complaint to the Office of the Australian Information Commissioner, which can force Medibank to compensate affected customers. “This shouldn’t impact the possibility of [Medibank] using subordinated-debt to fund acquisitions they see fit,” Mr Parameswaran said.
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