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Press Releases

NOTICE TO DEPOSITORS

On 20 January 2017, the local regulator – the Malta Financial Services Authority (MFSA) – announced its decision to propose to the European Central Bank the withdrawal of Nemea Bank’s license granted under the Banking Act, Cap. 371.

2017-01-23

On 20 January 2017, the local regulator – the Malta Financial Services Authority (MFSA) – announced its decision to propose to the European Central Bank the withdrawal of Nemea Bank’s license granted under the Banking Act, Cap. 371.

This decision was taken following the identification of a number of serious regulatory shortcomings in the Bank’s operations on 27 April 2016, and is motivated by what is considered to be the lack of tangible progress by the Bank’s shareholders in fulfilling the regulatory requirements made to it by the MFSA.

Pending the ECB’s final decision on the withdrawal of Nemea Bank’s license, the Bank has been instructed to prohibit any further withdrawals of deposits with immediate effect. This decision has been taken as a precautionary measure to safeguard the assets of the Bank and to ensure equal treatment of depositors.

In the eventuality that the ECB determines that the Bank’s license should be withdrawn, the Depositor Compensation Scheme in Malta will cover deposits up to a maximum of EUR 100,000 per eligible depositor. In the case of joint account holders, each holder shall be covered up to a maximum of EUR 100,000 per depositor, subject always to the EUR 100,000 limit applicable to all accounts held by a person. In the meantime, all interest due and any other terms and conditions relating to clients’ accounts shall remain unchanged.

The Competent Person appointed to take charge of the assets of the Bank and assume control of the Bank’s business – PricewaterhouseCoopers Malta (PwC) – will remain in place until further notice.

The MFSA has compiled a set of Frequently Asked Questions on its website, which can be accessed here: http://www.mfsa.com.mt/pages/announcement.aspx?id=8150

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. The MFSA has also set up a freephone line to address public and client concerns at +356 8007 4924.

CLIENT WITHDRAWAL LIMIT LIFTED TO EUR 2,500 PER DAY

Following the injection of new capital and various exchanges of correspondence between the shareholders and the Malta Financial Services Authority (MFSA) in relation to the outstanding regulatory issues that the Bank must address, the Authority has taken the decision to ease the daily deposit withdrawal limit imposed on the Bank’s clients, from EUR 250 per day to EUR 2,500 per day. The new daily deposit withdrawal limit shall be effective as of Monday, 18 July 2016.

2016-07-18

Following the injection of new capital and various exchanges of correspondence between the shareholders and the Malta Financial Services Authority (MFSA) in relation to the outstanding regulatory issues that the Bank must address, the Authority has taken the decision to ease the daily deposit withdrawal limit imposed on the Bank’s clients, from EUR 250 per day to EUR 2,500 per day. The new daily deposit withdrawal limit shall be effective as of Monday, 18 July 2016.

The MFSA is presently in discussion with the Bank’s shareholders and has outlined a number of pending measures that the Bank is expected to implement for it to be in a position to gradually ease other restrictions that are currently in force within the Bank.

The direction given to the Bank by the MFSA, not to accept further deposits, from current as well as new customers, as well as not to allow term deposits to be withdrawn before their stated maturity dates, shall remain in force for the coming period.

Until further notice, the competent person appointed by the MFSA – PricewaterhouseCoopers Malta – shall continue the mandate granted to it by the MFSA on 26 April 2016, and support the Bank in coming in line with regulatory requirements.

The Bank reiterates its commitment to its clients and to the successful implementation of all regulatory measures with a view to resuming normal operations as quickly as possible.

Clients are requested to contact +356 2570 8100 to discuss any questions or concerns they may have in relation to their accounts.

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

NOTICE TO DEPOSITORS

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.

2016-04-27

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.

NEMEA BANK LAUNCHES NEW TERM DEPOSIT INTEREST RATES

Nemea maintains its highly attractive 4.00% interest rate for 5-year term deposits and rewards clients who choose medium term savings plans.

2015-02-18

Nemea maintains its highly attractive 4.00% interest rate for 5-year term deposits and rewards clients who choose medium term savings plans.

NEW PLANS THAT REWARD MEDIUM TERM SAVINGS PLANS

Nemea Bank announces that, as of today, 18 February, it is introducing new term deposit rates across the wide spectrum of term deposit products it offers. The overriding principle in the new term deposit rates is to reward medium term savings plans by maintaining its highly competitive rates for maturities of over 2 years, including retaining its exceptional 4.00% rate for 5-year term deposit accounts.

Nemea anticipates high demand for its medium term savings plans as European savers continue to look for the best opportunities to deposit their hard-earned savings, earning a high yield for a guaranteed return.

TERM MATURITYNEW RATE
1 month1.05%
3 months1.15%
6 months1.25%
1 year2.00%
2 years2.50%
3 years3.00%
4 years3.50%
5 years4.00%

As an online bank at the forefront of the direct banking revolution, Nemea Bank is able to continue offering highly attractive rates throughout Europe due to its smart investment strategy and lean operations structure.

Martin Chetcuti, Head of Sales and Deposits for Nemea Bank, commented: “as an online bank with a lean, innovative structure and business model, we take pride in offering rates that compete exceptionally across all markets within the EU/EEA area, across borders, jurisdictions and currencies. We encourage savers to take advantage of this opportunity to earn very attractive guaranteed returns.”

Nemea Bank’s term deposit accounts are protected by the Depositor Compensation Scheme up to €100,000 per client.

For more information regarding Nemea’s term deposit accounts, visit: www.nemeabank.com/personal-bank/fixed-term-deposits.

Free account opening and maintenance

Opening a Nemea account is supremely easy and absolutely free of charge. Contrary to its competition, Nemea’s registration process is totally paperless and done entirely online. Its retail bank accounts are also free to maintain. By submitting just a few simple personal details and undertaking an initial credit transfer into his/her new account, a new Nemea client will gain access to a secure Nemea online portal that is available on the full spectrum of devices: smartphones, tablets and computers, to suit the mobile and fast-paced lifestyle of our clients.

THE NEW FACE OF NEMEA – OUR NEW WEBSITE RELEASED

Nemea Bank has now released its new website with streamlined design and features that reflect its position as a forerunner in adapting advanced technologies to financial services for maximum user convenience and value-added.

2014-02-18

Nemea Bank has now released its new website with streamlined design and features that reflect its position as a forerunner in adapting advanced technologies to financial services for maximum user convenience and value-added. The website leverages the latest web technologies to achieve the most enjoyable user experience.

The new website is the elegant new face of Nemea, a bank that offers its products and services with ease and convenience, speed and security, and delivers them with style and substance.

Some of the new features of the site such as the Social Wall agglomerating the Bank’s social media feeds represent the new generation in web design, binding the social networks smoothly together with the proprietary website and adding a new dimension of dynamism.

The new website is the beginning for a phased rollout of new products and services offered exclusively online. The first online product is the streamlined, simplified and minimalistic term deposit product, providing the ultimate user experience in terms of the ease and simplicity in making a new term deposit.

The new website is initially published in English and French, and other language versions will be introduced later.

The website is accessible with personal computers, tablets and smartphones. Particular attention has been paid to the smooth scrolling and touch-based user experience. The site is subject to constant improvement and updates, and more content will follow.

NEMEA FIXED TERM DEPOSITS – EXPANDED RANGE OF MATURITIES AND REVISED RATES

Upon introduction of the new streamlined version of its online fixed term deposit product, Nemea Bank has expanded the range of maturities offered and at the same time revised the set of rates offered.

2014-02-18

Upon introduction of the new streamlined version of its online fixed term deposit product, Nemea Bank has expanded the range of maturities offered and at the same time revised the set of rates offered.

The maturities offered for the fixed term deposit are:

  • 1 month
  • 3 months
  • 6 months
  • 1 year
  • 2 years
  • 3 years
  • 4 years
  • 5 years

Due to the lean and efficient business model, the Bank is able to share its success with its clients and pay better rates for the savings of its clients. Our clients can see their savings grow faster.

The rates offered vary by local market conditions. Locally applicable rates appear on the website depending on the country of access. The applicable rates can be seen on the fixed term deposit product landing page at https://www.nemeabank.com/personal-bank/fixed-term-deposits.

The information on the fixed term deposit product is available in English and French.

At this date, local rates are being offered for the following countries:

  • Malta
  • Belgium
  • Luxembourg
  • France

Outside of these countries, an international rate list is offered, which may vary from time to time. At the date of publishing, it corresponds to the rates offered in Malta.

Any and all rates offered may change at any time without prior notice. The rates applicable upon opening a new term deposit are applicable during the entire term of such deposit and will not change during the fixed term.

The new fixed term deposit product has been created to offer the ultimate user experience with the ease and convenience of making the term deposit as a new client, with streamlined, modern, minimalist screens and an airy flow of essential information based on stylish scrollable screens. A constant product development process results in updates and improvements in all products from time to time.

Save better with Nemea and make your first term deposit with us – with the unbeatable Nemea elegance.

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