Section 46, The Banking Act, 2019

(1) A bank or financial holding company shall notestablish a subsidiary company without the prior written approval of the Central Bank. (2) A bank or financial holding company who contravenes subsection (1) is liable to an administrative penalty shall divest the subsidiary within such period as may be specified by the Central Bank, failure of which the licence of the bank may be revoked or the registration of the financial holding company withdrawn.