Bank soon to be history
Insolvency petition filed for Euram’s assets
The European American Investment Bank (Euram) will soon be history: on Friday, the Financial Market Authority (FMA) filed an insolvency application for Euram's assets with the Commercial Court of Vienna. The liabilities are stated at around 300 million euros.
The bank had only had limited legal capacity for some time: As early as the beginning of 2024, the supervisory authority prohibited Euram Bank from conducting new business. This was due to violations of the Financial Markets Money Laundering Act in the area of prevention and terrorist financing. A decision was therefore issued to restore the "lawful situation".
In addition, the FMA appointed an administrator for the bank and gave it an ultimatum: either a capital increase of EUR 25 million or liquidation. In mid-October, the European American Investment Bank was prohibited from continuing its business. This also resulted in a payment freeze for covered deposits. The private bank became a case for deposit protection.
Customers have to wait longer for money
Numerous customers will probably have to wait longer for their money. Many of them are still being investigated by the Money Laundering Reporting Office at the Federal Criminal Police Office. Euram Bank was founded in 1999. It was active in Europe, Russia, the Middle East and Central Asia and specialized in private banking, real estate financing and asset management.
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