The European Central Bank (ECB) passed a decision on 13 March 2025 to withdraw the licence held by European American Investment Bank AG (“Euram Bank”) to provide banking services. This decision applies from 14 March 2025, although it is not yet legally final, since the possibility exists to appeal against the decision.
The reasons for the licence withdrawal were both the severe deficiencies in the area of the prevention of money laundering and terrorist financing that not had been remedied at the time of the decision, as well as legally final insolvency proceedings initiated on 10 December 2024 against Euram Bank.
Euram Bank was classified as a less significant credit institution within the Single Supervisory Mechanism (SSM), the banking supervision authority for all members of the Euro area, and therefore was subject to direct ongoing supervision by the Austrian Financial Market Authority (FMA). The ECB is however competent for withdrawal of licences for all credit institutions in the Euro area, including the licences of less significant credit institutions.
General information about the legal basis for the granting, surrendering or withdrawal of a licence can be found on the FMA Website. Further information about Euram Bank can also be found in the FMA’s press releases from 16 October 2024 and 6 December 2024.