Back
Register for SMS Alerts
or enter your details manually below...
First Name:
Last Name:
Email:
Password:
Hometown:
Birthday:
Sorry, we couldn't find that email.
Existing users
Email
Password
Sorry, we couldn't find those details.
Enter Email
Sorry, we couldn't find that email.

European Central Bank withdraws Nemea Bank’s licence

The European Central Bank has withdrawn Nemea Bank’s licence following the recommendation made by the Maltese financial regulator in January

jeanelle_mifsud
Jeanelle Mifsud
24 March 2017, 1:57pm
The European Central Bank has withdrawn online-only Nemea Bank’s licence following the recommendation made by the financial regulator Malta Financial Services Authority (MFSA) in January.

The ECB had flagged “serious regulatory concerns” inside the bank, which resulted in the online-only bank being placed under the control of PricewaterhouseCoopers as a ‘competent person’ in April 2016 to ensure the proper protection of depositors and bank’s clients.

The MFSA had said that discussions were being conducted with the bank’s shareholders to ensure the necessary action to address regulatory shortcomings, but said that “despite repeated requests”, no tangible progress had been registered to fulfil these regulatory requirements.

A prohibition of the withdrawal of deposits had been put in place as a precautionary measure pending the ECB’s final decision. Deposit withdrawals from the bank remain frozen, until advised otherwise by the MFSA.

PriceWaterHouseCoopers also remain in charge of the bank's assets.

Nemea specialised in providing banking and investment services to individuals, businesses, institutions and high net worth individuals across the European economic area.

DealToday
Latest Business News
Business Comment 09:09
European markets closed mostly in the red on Tuesday as investors digested corporate earnings and focused on latest developments in the Cata...
Business News 16-10
Treat your eyes with the world’s most technologically advanced automobile manufactures at the 45th Tokyo Motor Show 2017
Business News 16-10
A truck powered by Toyota-developed hydrogen fuel cells has completed the first part of a wide-ranging trial in the US, now it will actually...
Business Comment 16-10
Earnings, earnings, earnings!
Technology 13-10
Innovation summit hears of Malta’s potential to become a global prototype for innovative technologies