Satabank clients to get their deposits back

A first group of Satabank clients will be getting their deposits back, MFSA have said.

Following the freezing of Satabank clients' assets, MFSA have returned with an appeasing notice, saying in a statement that a process of returning client deposits will start from Monday 26 November.

The first customers selected are those which have balances between €50 and €15,000 and which have been through a review procedure. These customers, MFSA said, will receive the entire balance held in their account.

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Previously, the MFSA appointed a team from Ernst & Young to monitor the bank in the proper conduct of its business on 15 October, but five days later it told Satabank to cease from taking new deposits or effecting withdrawals, freezing the bank’s operations.

In a turn of events, Satabank will be now contacting customers resident in Malta to fix an appointment in a bid to arrange payment, MFSA said.

"At the appointment, customers will be able to choose whether they provide account details of a credit or payment institution or receive a bank draft. Alternative arrangements are being put in place for those customers who are not resident in Malta," MFSA said.

MFSA have claimed that this is the first stage in the process and further information will be supplied in the coming days.