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Malta puts Nemea Bank under tight control

Chris Hamblin, Editor, London, 20 May 2016

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As a result of unspecified 'regulatory failings,' the Maltese Financial Services Authority has placed Nemea Bank under the control of PriceWaterhouseCoopers.

Nemea Bank, which carries out private banking and was founded in 2008, advertises itself as Europe's first online-only bank. Its slogan is "Join Nemea and take your bank with you, everywhere." It services high-net-worth individuals in all 31 countries of the European Economic Area and is headquartered in St Julian's. The accountancy firm of PwC is acting in the capacity of a 'competent person' under article 29 Banking Act and article 15A Investment Services Act. An on-site inspection at the bank (carried out jointly with staff from the European Central Bank) found some serious irregularities and the MFSA has decided to take over the bank "to safeguard the interests of depositors and other creditors." This makes it sound as though the irregularities concerned solvency first and foremost.

PwC has taken charge of the assets of the bank and has assumed control of the bank’s business. The MFSA may give it other duties in future and these precautionary measures are to stay in place for as long as the MFSA sees fit.

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