Which authority is recorded against Pilatus Bank plc (licence withdrawn)?

The entry is recorded against Malta Financial Services Authority / ECB, in the Malta jurisdiction, under the theme Licensing · fitness and propriety.

What is the current status of this entry?

Status: Licence withdrawn. Last recorded change: 5 November 2018. The matter arose or was first recorded on 21 March 2018.

How was this matter brought to light?

Supervisory action following a criminal arrest abroad. Each statement in the entry reflects material already published by a named source; nothing beyond those sources is asserted or inferred.

Where can the primary sources for MT-2018-01 be checked?

The entry links to MFSA — Pilatus Bank licence withdrawal; Reuters — ECB withdraws Pilatus Bank licence, 5 November 2018.

MT-2018-01 · Malta · 2018

Pilatus Bank's licence is withdrawn following the arrest of its chairman

After the bank's chairman was arrested abroad, the Maltese supervisor froze the bank's assets and appointed a competent person; the ECB withdrew the bank's licence in November 2018 on the supervisor's recommendation.

Bank vault door, illustrating the Pilatus Bank licence withdrawal — Illustrative image · Pilatus Bank plc (licence withdrawn)

Institution: Pilatus Bank plc (licence withdrawn)
Authority: Malta Financial Services Authority / ECB
Status: Licence withdrawn
Theme: Licensing · fitness and propriety
Raised by: Supervisory action following a criminal arrest abroad
Jurisdiction: Malta
Matter arose: 21 March 2018
Last recorded: 5 November 2018

What the sources record

The MFSA took control of the bank in March 2018 and removed its officers from decision-making.

The ECB withdrew the licence on 5 November 2018 following the Maltese recommendation.

Related proceedings concerning individuals continued separately; the presumption of innocence applies.

Timeline

2018-03-21
Chairman arrested; MFSA appoints a competent person.
2018-11-05
ECB withdraws the bank's licence.

Primary sources

Questions and answers on this entry

What does register entry MT-2018-01 record?: Pilatus Bank's licence is withdrawn following the arrest of its chairman. After the bank's chairman was arrested abroad, the Maltese supervisor froze the bank's assets and appointed a competent person; the ECB withdrew the bank's licence in November 2018 on the supervisor's recommendation.
Which authority is recorded against Pilatus Bank plc (licence withdrawn)?: The entry is recorded against Malta Financial Services Authority / ECB, in the Malta jurisdiction, under the theme Licensing · fitness and propriety.
What is the current status of this entry?: Status: Licence withdrawn. Last recorded change: 5 November 2018. The matter arose or was first recorded on 21 March 2018.
How was this matter brought to light?: Supervisory action following a criminal arrest abroad. Each statement in the entry reflects material already published by a named source; nothing beyond those sources is asserted or inferred.
Where can the primary sources for MT-2018-01 be checked?: The entry links to MFSA — Pilatus Bank licence withdrawal; Reuters — ECB withdraws Pilatus Bank licence, 5 November 2018.

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