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Nemea Bank plc

Reference is made to the notice issued by the Malta Financial Services Authority ('the Authority') on 20 January 2017 with respect to Nemea Bank plc.

Nemea Bank plc (the Bank) is a small international bank which was authorised to operate as a credit institution in September 2008. The Bank has been gradually tapping the retail deposit market since 2011 with total assets currently estimated at less than €60 million. It has minimal links with the domestic economy, and in the eventuality that the Bank's licence is withdrawn such an event would not have a material impact on the Maltese financial system. The banking sector in Malta continues to be sound and remains resilient despite these developments which are exclusively specific to this Bank.

The decisive and timely measures taken by the regulator demonstrate the determination of the competent authorities to protect depositors and uphold good governance in financial institutions to safeguard the integrity and reputation of Malta's financial system.