Malta’s Financial Sector Continues to Shrink
NBG Bank Malta Withdraws Investment Services License
The trend of regulated entities exiting Malta shows no signs of slowing down. The latest departure involves NBG Bank Malta, which has officially surrendered its investment services license granted by the Malta Financial Services Authority (MFSA). Established in Malta in 2006, NBG Bank Malta operates as a subsidiary of the National Bank of Greece.
This development aligns with a wider wave of exits seen since Malta was added to the grey list by the Financial Action Task Force (FATF) in June 2021. Since that listing, more than 100 licensed entities have chosen to relinquish their licenses. The MFSA, Malta’s financial regulator, has come under sustained criticism in recent years for its perceived inaction on issues such as money laundering and systemic corruption.
MFSA Under Scrutiny
Ongoing Criticism and Legal Action
The MFSA and its leadership have faced legal action and public backlash. High-profile figures like Christopher Buttigieg have been named in lawsuits filed by license holders such as Lifestar. Many of these lawsuits allege regulatory negligence and failure to intervene in critical situations. For many observers, the regulator’s credibility hit a new low after its lack of response in several major financial misconduct cases.
Leadership at NBG Bank Malta
Board of Directors
The directors currently overseeing NBG Bank Malta (www.nbg.com.mt), which still retains its banking license, include:
|
Name |
Role |
|
Georgios Agioutantis |
Chief Executive Officer |
|
Anastasios Lizos |
Non-Executive Director |
|
Thomas Zampopoulos |
Independent Board Member |
|
Dorothy Kim Vella |
Independent Board Member |
The Maltese company is fully owned by the National Bank of Greece, which is headquartered in Athens.
MFSA Executive Leadership
The executive board of the MFSA includes notable figures such as Edwina Licari and Michelle Mizzi Buontempo. In recent years, these officials have been linked to various controversies and revelations that have made headlines across local and international media.
Source:
Information in this article was compiled by Scam-Or Project, an investigative media outlet reporting on regulatory developments and financial misconduct in the EU.