232
(Bloomberg) — The Austrian financial regulator stepped in to shut down European American Investment Bank AG after finding anti-money laundering shortfalls and credit losses at the lender with ties to Adler Group SA’s former chairman.
Austria’s Financial Market Authority banned Euram Bank from conducting business with immediate effect, according to a statement published Wednesday.
The measure will likely trigger €38 million ($41.4 million) in payments from Austria’s deposit insurance plan, which typically reimburses client deposits…