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Withdrawal of banking licence of Nemea Bank plc

On 20 January 2017 the Malta Financial Services Authority (MFSA) proposed to the European Central Bank (ECB) to withdraw the licence granted to Nemea Bank plc (the Bank) because of lack of tangible progress in fulfilling regulatory requirements. Following this recommendation, the ECB initiated the licence withdrawal process and on 23 March 2017 it decided to withdraw the licence as the Bank was no longer compliant with regulatory requirements. 

The Central Bank of Malta reaffirms that Nemea Bank plc is a small bank that has minimal links with the domestic economy and the decision to withdraw its banking licence is not expected to have a material impact on the local financial system.

The banking sector in Malta remains sound, resilient and enjoys ample liquidity. The withdrawal of the banking licence of Nemea Bank plc arises from developments that are exclusively specific to this Bank. This decision confirms the determination and decisiveness of the competent authorities in protecting depositors and safeguarding the integrity of Malta's financial system by upholding good governance in financial institutions licensed in Malta.

Further information may be obtained by accessing the MFSA's webpage www.mfsa.com.mt which includes a number of Frequently Asked Questions.