Former Meinl Bank Anglo Austrian Files for Insolvency

Anglo Austrian AAB Bank, formerly known as Meinl Bank, filed for insolvency at Vienna commercial court, creditor association KSV1870 says in emailed statement.

• Court opened insolvency procedure
• Eligible liabilities at least EU245 million, additional EU40 million liabilities are contested
• Assets around EU148 million
• NOTE: ECB withdrew bank’s license due to multiple violations of anti money-laundering rules, appeal in EU court rejected
  • READ, Feb. 7: Anglo Austrian Loses Bid to Keep License While It Fights ECB
  • READ, Nov. 22: Austria Appoints Auditor as Meinl Bank’s Fate Hangs in Balance
• Full repayment of all creditors won’t be possible on this basis, ...