Nemea Bank Malta under resolution

Following a recent onsite inspection held jointly by the Malta Financial Services Authority and the European Central Bank in April 2016, a number of serious regulatory shortcomings were identified in the Bank’s operations.

These regulatory findings have been communicated to the Bank, together with a directive that restricts the Bank from opening any new accounts or from accepting new client deposits into accounts. Withdrawals by existing clients are being limited to EUR250 per day for each client until further notice.

The regulator has appointed PricewaterhouseCoopers Malta as a competent person to: [i] take charge of the assets of the Bank for the purpose of safeguarding the interests of depositors and its other clients; and [ii] to assume control of the Bank’s business and to carry on that business and such other functions as the MFSA may direct. This appointment has been effected in terms of Article 29 of the Banking Act and Article 15A of the Investment Services Act.

The regulator has taken these measures to safeguard the interests of depositors and the Bank’s other clients.

These precautionary measures will remain in place until such time as the MFSA may direct otherwise.

The Bank requests all its clients to contact +356 2570 8100 to discuss any questions or concerns they may have in relation to their accounts.

Nemea Bank is a member of the Maltese Depositor Compensation Scheme, which is based on the EU Directive 94/19 and which protects deposits up to EUR100,000 per client.

The Bank apologizes to its clients for the inconvenience caused through the interruption of normal operations.