Anglo Austrian AAB Bank
|Anglo Austrian AAB Bank AG|
|Business data 2017|
|Total assets||EUR 275.0 million|
The Anglo Austrian AAB Bank AG , formerly Meinl Bank AG , was an Austrian private bank of medium size. The bank's business areas were primarily institutional and private asset management as well as fund development and fund management. The main shareholder is BVbelging-Maatschappij Far East , a company founded in the Netherlands and registered in Malta. The owners of the Far East are said to be foundations of the Meinl family.
The savings and credit association of friends and employees of Julius Meinl AG was originally founded by Julius Meinl II as a cooperative in 1923. After this cooperative was liquidated during the Third Reich , it was taken over by Julius Meinl III. Newly founded in 1956. In 1969, the Brunner & Co. KG bank was bought up, which merged with the savings and credit association in 1979 to form Meinl Bank. After Julius Meinl V. took over the management of Meinl Bank in 1983, the bank quickly expanded into other countries and a number of subsidiaries were founded. In 1987 the company was converted into a stock corporation . At the end of 2007, Julius Meinl V. resigned as CEO.
In June 2019 Meinl Bank AG changed its name to Anglo Austrian AAB Bank AG and continued its operations in Vienna with 49 employees.
On November 15, 2019, the European Central Bank (ECB) withdrew the banking license from Anglo Austrian AAB Bank . The bank challenged both the withdrawal of the license and its immediate effect at the Court of the European Union . The license withdrawal was then suspended a few days later. After the bank had already decided to initiate liquidation , the court lifted the suspension of the license withdrawal on February 7, 2020. The Vienna Commercial Court subsequently appointed two liquidators and removed the previous board member. The Austrian Financial Market Authority (FMA) justified the license withdrawal with the breach of due diligence obligations by the bank, in particular with the fact that they had not done enough to prevent money laundering . The liquidator of the bank, on March 2 at the Vienna Commercial Court to file for bankruptcy . After the bankruptcy ruling was challenged by the bank's creditors who were of the opinion that the bank was not insolvent, the Vienna Higher Regional Court overturned the ruling, however on the grounds that the FMA should have made the application.
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