FMA orders Euram Bank to hold an extraordinary general meeting and to vote on a capital increase
Pursuant to Article 44 para. 1 no. 4 of the Bank Recovery and Resolution Act (BaSAG; Sanierungs-und Abwicklungsgesetz), on Friday, 20 September 2024, the Austrian Financial Market Authority (FMA) instructed “European American Investment Bank AG” (Euram Bank) with its registered office at Schottenring 18, 1010 Vienna, to convene an extraordinary general meeting at the earliest possible date, at the latest by 18.10.2024 and to present two points requiring a decision to the shareholders to decide upon:
- A resolution about an initial capital increase of at least EUR 25 million, to be implemented within two weeks of the resolution being passed,
- A resolution about the dissolving of Euram Bank, and subsequent voluntary wind-down conducted by the bank itself, in the event of a decision not being reached in favour of the capital increase of at least EUR 25 million, or the capital increase failing to be implemented within two weeks.
Conditional upon other developments the outcome of this extraordinary general meeting will be the basis for another other official measures required.
Further information
- FMA imposes coercive penalty against Euram Bank for failure to submit its audited financial statement for 2023
- Under threat of a coercive penalty, the FMA instructs Euram Bank to establish legal compliance regarding the prevention of money laundering
- FMA appoints temporary administrator to assist Euram Management Board