The sale will leave Australia with no control over the country’s banknote substrate supplies, while Securency’s 150 Victorian workers face an uncertain future.

A statement from the RBA outlines that as well as Innovia’s decision, a number of unsolicited expression of interest received for the business also influenced the Reserves decision to offload Securency.

The RBA outlines, “Innovia Films has decided to sell its half-share of Securency, after having been made aware of strong interest from potential buyers. Consequently, the Board of the Reserve Bank has carefully considered its ownership options.

“Taking account of the Board’s long-standing intention to exit from Securency once the company had established itself as a viable long-term supplier, the best option would be to pursue a joint sale with Innovia.”

According to national media reports, Securency has been under investigation by Australian Federal Police since May last year over allegations it engaged in the bribery of foreign officials for more than a decade.

The announcement comes days after the Sydney Morning Herald revealed the Reserve had failed to stop Securency wiring millions in suspected bribe payments to an overseas company in the months after police began investigating it for bribery.

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