It has today been announced that the Reserve Bank of Australia (RBA) has signed an agreement with UK based company Innovia Films to sell its 50% share in Securency International Pty Ltd.

Innovia, who supplies Securency International with a key film from which they make Guardian® polymer banknote substrate, joined the RBA in a 50/50 joint venture partnership of Securency in 1998.

In 2010 allegations of bribery emerged, with Securency accused of bribing officials in some Asian countries in order to win banknote printing contracts.

However, the sale is “in accordance with the Bank’s long-standing intention to exit from the joint venture once Securency had established itself as a viable long-term supplier in the international market for banknote substrate”.

Innovia will pay AUD$65m ($67m / £40m) for the 50% stake in the company resulting in 100% ownership.

Sources: Reserve Bank of Australia, Innovia Films