The authorisation of Versobank AS has been withdrawn

On 26th of March 2018, the European Central Bank, as proposed by Finantsinspektsioon, withdrew the authorisation of Versobank AS to operate as a credit institution,. The authorisation was withdrawn due to serious and long-lasting breaches of legal requirements, particularly concerning the prevention of money laundering and combating the financing of terrorism.

In parallel, following the decision of Finantsinspektsioon from 26th of March 2018, all transactions and operations of Versobank AS and all payouts to depositors and other creditors are immediately suspended. Finantsinspektsioon also cancelled the identification code of Versobank AS, informed the Guarantee Fund about the withdrawal of the authorisation, and filed an application to the court for compulsory dissolution and the appointment of liquidators. The Supervisory Board of the Guarantee Fund will meet on the morning of Tuesday 27th of March to discuss conditions for the compensation of deposits in Versobank AS.

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