A number of serious regulatory shortcomings have been identified at Nemea Bank, which operates from Portomaso Tower in St Julians, the Malta Financial Services Authority said.

This, it said, led it to take regulatory action to safeguard the interests of depositors and other creditors.

Nemea was established in Malta in 2008, with a view to being an online-only bank.

The MFSA said it has today appointed PricewaterhouseCoopers Malta to take charge of the bank’s assets for the purpose of safeguarding the interests of depositors and its other clients; and to assume control of the bank’s business and to carry on that business and such other functions as it (the MFSA) may direct.

These precautionary measures will remain in place until such time as the MFSA may direct otherwise.

The inspection was carried out jointly with members of the European Central Bank and was finalised this month.

Any communication in relation to the bank should be addressed to the bank on 2570 8100.