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by dpfu 2400 days ago
Because the article does not reflect the latest status of this story, here is an update: The bank has now successfully filed a complaint against the withdrawal of the license and is now again a bank, although under supervision:

"In the first instance, the Administrative Court temporarily suspended the immediate effectiveness of the European Central Bank's (ECB's) withdrawal of the former Meinl Bank's licence until a final decision has been reached [...]. The parent company of the bank, Far East, had lodged a complaint, according to the court ruling." Source: https://wien.orf.at/stories/3022615/ (Own translation, article is in German)
1 comments
ckastner 2400 days ago
An additional data point: apparently, AAB (formerly Meinl) was in the process of returning their banking license anyway, as they have had massive compliance issues over the past decade, and just giving up on that part of the business (and instead just focusing on asset management) would be a reasonable thing to do.

I'm somewhat surprised the ECB didn't wait for this to happen. I guess they wanted to send a message, or something.

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thefabs 2400 days ago
Yeah, I remember the same bank was in trouble just a few weeks ago for a different set of compliance failures.
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