Nemea Bank Overview and Financial Structure

Nemea Bank is a financial institution that has been around for a while, with a presence in Greece and abroad. It was founded in 1999.

The bank's main goal is to provide a wide range of financial services to both individuals and businesses. Nemea Bank aims to be a reliable partner for its customers.

One of the key aspects of Nemea Bank's financial structure is its ownership. The bank is listed on the Athens Stock Exchange, which means that its shares are publicly traded.

As a result, Nemea Bank has a diverse shareholder base, with a mix of institutional and individual investors.

Nemea Bank was launched in 2013 with its first major deposit products for retail and business clients.

These products included short and long term deposit options, as well as treasury cash management services for small and medium-sized enterprises.

By July 2014, Nemea Bank increased its term deposit options to eight, ranging from 1 month to 5 years.

The Malta Financial Services Authority announced in April 2016 that Nemea Bank had serious regulatory shortcomings, which led to the appointment of PwC as administrators.

Daily withdrawals were limited to €250, and new accounts or deposits were prohibited after this announcement.

Nemea Bank held €62 million worth of client deposits at this time.

The MFSA eventually withdrew the bank's license in March 2017.

The MFSA depositor compensation scheme paid out €35 million to customers, up to €100,000 each.

As of June 2019, Nemea Bank had assets of €45 million and liabilities of €48.89, with accumulated losses of €12.6 million.

By early 2020, the bank still owed customers €13.2 million in deposits.

Nemea Bank's liquidation has stalled due to pending legal appeals.

Here's an interesting read: Bank Deposits down

Nemea Bank's management has been under scrutiny due to serious regulatory breaches found by the MFSA in 2016.

The bank was placed under the control of PwC in April 2016, after the European Central Bank flagged concerns.

PwC will have its appointment terminated on 16 November 2021, marking the end of its role as competent person.

The liquidation process has been slow due to pending appeals against the decision to shutter the bank.

Nemea Bank held €62 million worth of client deposits when PwC took over in 2016.

By 2020, the bank still owed its customers €13.2 million in deposits.

The liquidation of the bank has stalled owing to appeals by the bank's owners against the decision to close the bank.

Michael Spiteri Bailey has been appointed as the controller of Nemea Bank to oversee the winding up of the bank.

His task will be to wind up and liquidate the controlled asset, and his engagement comes into force on 16 November 2021.

Nemea Bank was an online-only bank, which allowed it to operate with lower costs and overheads compared to traditional banks.

As a direct bank, Nemea didn't have the expense of maintaining physical branches, which is a significant cost for traditional banks.

Nemea earned income by generating interest, fees, and commissions, as well as financial income from its investments.

The bank invested its clients' funds in low-risk securities, such as loans, deposits, and other fixed income instruments.

Nemea provided customer service and communication in 7 languages: English, Spanish, French, Greek, Italian, Dutch, and Finnish.