Satabank

Satabank – withdrawal of credit institution authorisation

Following Malta Financial Services Authority’s (‘the Authority’) recommendation to the European Central Bank (‘the ECB’) to withdraw the licence of Satabank plc, on 30th June 2020 the ECB decided to withdraw the licence of Satabank plc with effect from 30th June 2020.

Following the ECB decision to withdraw the licence of Satabank plc dated 30th June 2020 (“the Decision”) and in accordance with the provisions of the Authority public notice dated 1st July 2020 1500 hrs, the return of funds process is suspended. Satabank will continue to process return of funds where complete information required has been received prior to the Decision dated 30th June 2020. Satabank will not be able to process cases where pending queries are outstanding at the date of the Decision dated 30th June 2020.

Customers who have been requested to provide payment instruction details by Satabank are to submit this information at their earliest convenience but not later than 15th July 2020.

Satabank is not able to accept or review any new and/or additional information that is submitted after the time of the Decision dated 30th June 2020.

For those customers whose return of funds process cannot be completed further information will be provided in the future. At this time, Satabank is not in a position to answer queries in respect of this.

Satabank branch will close, effective immediately, and new customer appointments will no longer be accepted.

Satabank customers should submit their queries to [email protected]

Additional information in relation to the Malta Financial Service Authority Public Notice can be found at https://www.mfsa.mt/publication/public-notice-concerning-satabank-plc-3/

Frequently asked questions

1. What happened with Satabank?
a. Following Malta Financial Services Authority’s (‘the Authority’) recommendation to the European Central Bank (‘the ECB’) to withdraw the licence of Satabank plc, on 30th June 2020 the ECB decided to withdraw the licence of Satabank plc with effect from the 30th June
2. Can I still make an appointment with Satabank?
a. The branch is now closed. You can submit your queries to [email protected]
3. Can I still submit new or additional information requested?
a. Satabank is not able to accept or review any new and/or additional information that is submitted after 30th June 2020.
4. What is the status of the return of funds process?
a. Satabank will continue to process return of funds where complete information required has been received prior to 30th June 2020. Satabank will not be able to process cases where pending queries are outstanding as at 30th June 2020
5. Can I still submit a payment instruction form?
a. Customers who have been requested to provide payment instruction details by Satabank are to submit this information at their earliest convenience but not later than 15th July 2020
6. What happens if my case is not finalised?
a. For those customers whose return of funds process cannot be completed further information will be provided in the future. At this time, Satabank is not in a position to answer queries in respect of this

Public Notice concerning Satabank Plc - MFSA 1500hrs Following the Malta Financial Services Authority’s (‘the Authority’) recommendation to the European Central Bank (‘the ECB’) to withdraw the licence of Satabank plc, on 30 June 2020 the ECB...

With effect from the 16th March 2020, to protect both customers and staff, customers will not be able to arrange an appointment in branch.

For any urgent matters/ queries please contact (+356) 7749 7016

The Competent Person will continue to review the files submitted by customers during this period but will not be available to respond to onsite queries.

The Competent Person will continue to communicate with the Authorities and keep customers informed through regular updates on the Bank website and social media regarding branch access changes.

The Competent Person kindly asks all customers that have yet to submit the required documentation and/ or additional information and/ or payment instruction form to do so at their earliest convenience.

The Competent Person would like to thank all Bank customers for their understanding and support during the release of funds process.

Satabank will temporarily suspend its branch appointments to customers during the period between 23 December 2019 and 5 January 2020 (eight working days)
For any urgent matters/ queries please contact (+356) 2247 7900
The Competent Person will continue to review the files submitted by customers during this period but will not be responding to onsite queries.
Starting 6 January 2020, the Competent Person will resume regular working hours in accordance with the communication issued previously on 3 May 2019
The Competent Person kindly asks all customers that have yet to submit the required documentation and/ or additional information and/ or payment instruction forms to do so at their earliest convenience.
The Competent Person would like to thank all Bank customers for their understanding and support during the release of funds process

Satabank has started to contact clients to release funds associated with Company in Formation Accounts. See here for more details: https://www.sata.bank/en/

We continue to make progress with the controlled release of funds. We would encourage customers to provide any information outstanding. A reminder of the process is on the Satabank website. See here for more details: https://www.sata.bank/en/

We will continue to meet customers between Tuesday’s to Thursday’s every week. Going forwards after Wednesday, 05 June 2019, an appointment will need to be booked, either via email ([email protected]) or through visiting the branch.

A new customer update has been posted on the Satabank website. See here for more details: https://www.sata.bank/en/

Satabank Satabank

A new customer update has been posted on the Satabank website. This refers to branch opening hours over the Easter period. See here for more details: https://www.sata.bank/en/

Satabank Satabank

Thank you if you have replied to our email and sent through the requested documents. We are working our way through the information received and will be in touch. We would encourage those that have not provided the requested information to do so.

We continue to return funds to customers once we have completed the required checks. We would encourage customers that have been contacted to provide the requested documents.

This week, the return of funds process will continue. We would encourage customers who have been contacted to provide the requested documents. We are completing the required checks to return customer’s funds. We remain grateful for our customers understanding.

All updates will first be posted on the Satabank website. This enables us to communicate any new information to our customers as fast as possible.

Release of Corporate deposits

Under the direction of the MFSA, Satabank will shortly begin the process of returning deposits to the first group of corporate customers. The first payments will be made shortly.

Satabank has now attempted to contact all of the Bank’s customers with balances greater than €50 to request the necessary documentation to review their file and, if all checks are successful, return their deposits to an alternative account. Any customers who have not received a documentary request from the Bank should contact [email protected].

The Bank’s will acknowledge receipt of all customers’ documentation submissions. We will subsequently contact customers again if more documentation is required or when the checks have been completed. We are focussed on returning funds to customers as quickly as possible.

The Corporate Hardship Fund remains available for corporate customers with critical operating expenses, and continues to accept new applications. Further information is available at http://hardshipfund.maltaenterprise.com/

All updates will first be posted on the Satabank website. This enables us to communicate any new information to our customers as fast as possible.

Hardship fund for the Corporate clients of Satabank The Ministry for Finance together with the Ministry for the Economy, Investment and Small Businesses has announced the establishment of a hardship fund for the Corporate clients of Satabank. The Fund is being managed by Malta Enterprise.

We are continuing to contact customers on a staggered basis as part of the controlled release of funds. If you have received an email, please send us the documents requested so we can complete our checks prior to arranging payment.

All updates will first be posted on the Satabank website. This enables us to communicate any new information to our customers as fast as possible.

Satabank have been contacting personal and corporate customers on a staggered basis, requesting certain information as part of the controlled release of funds. This process will continue over the coming weeks.

Customers may have provided some of this information to the Bank already, either as part of the account opening process or on another occasion. Our first priority is ensuring the security of our customers funds, and receiving this documentation directly from customers on request is an important step for us to safely release their funds.

All updates will first be posted on the Satabank website. This enables us to communicate any new information to our customers as fast as possible.

A new update for customers has been posted on the Satabank website. See here - https://www.sata.bank/

Satabank Satabank

On Friday, we communicated that Satabank will shortly begin returning deposits to certain personal customers. These customers will be resident in Malta and have balances of between €50 and €15,000.

We are currently in the process of contacting the first group of customers to arrange appointments. Not all individuals will be contacted immediately, and we request that customers await the email confirming an appointment. We will provide further updates shortly.

All updates will first be posted on the Satabank website. This enables us to communicate any new information to our customers as fast as possible.

We have posted the latest weekly update for our customers. See here for further details - http://sata.bank/

Satabank Satabank

We are continuing to work with the authorities on the return of deposits process. We will provide customers with a further update as soon as we are able to.

All updates will first be posted on the Satabank website. This enables us to communicate any new information to our customers as fast as possible.

Our first weekly update for customers is available on our website: https://www.sata.bank/

We will be releasing these updates to our customers every Monday. Significant developments will also be communicated separately as they occur.

All updates and communications will be first posted on the Satabank website. This enables us to communicate any new information to our customers as quickly as possible.

Satabank Satabank

Satabank will communicate with customers whenever there are any significant developments.

From Monday the 5th of November 2018 Satabank will also post a weekly update on the website and our social media channels to keep you updated with developments.

We have received a significant volume of emails from customers over the past few days. These have been read and have helped us gain an understanding of our customers’ needs at this challenging time. However, customers should not expect an immediate response to individual issues raised. We will post all updates related to the MFSA’s proposed return of customer deposits on the Satabank website.

The Malta Financial Services Authority (MFSA) has initiated a controlled process for the return of Satabank customer deposits over a period of time. This follows consultations with the FIAU and the Central Bank of Malta.

The release of funds by Satabank will be subject to certain controls and checks following which, funds can be transferred. Further details of the process will be made available as they are finalised by the authorities. This will take time, and customers should not expect immediate access to their funds.

There remains no access for customers to submit transactions, make withdrawals or close accounts. For further details, please see https://www.sata.bank/

Satabank Satabank

Satabank customers now have read only access to view their online account balances. There remains no access to submit transactions, make withdrawals or close accounts. We will continue to provide updates as soon as we are able to.

Satabank The Satabank Online banking is an easy, safe and secure way to control your funds remotely, without having to come to the bank.

Dear clients,

Currently, Satabank’s activity has been suspended, therefore you do not have access to any of the bank’s services.

A Public Notice has been issued by the Malta Financial Services Authority (MFSA) as of 20th of October. More details you could find at the following link: https://www.mfsa.com.mt/pages/AdministrativeMeasuresPenalties.aspx

We advise you to refer to the Public Notice and the list of frequently asked questions published on the MFSA website.

We regret that we cannot provide any further assistance and we do apologise for any inconvenience. We should hopefully be able to provide further information in the near future.

Malta Financial Services Authority In terms of article 4(1)(c) of the Malta Financial Services Authority Act, one of the MFSA’s functions is to keep the general public informed of important developments in the sector that it regulates, and to provide the public with relevant information and guidance. Article 16(8) of the Malta Fina...

Do not waste , benefit now from direct debit by .

Our built-in feature helps you stay connected to our customer wherever you are.

Relationships with are as vital as the ones we build with our customers. Learn 4 ways to improve your when working with domestic and suppliers.

4 Ways to Improve Your Supplier Relationship Management - Satabank Newsroom SRM, or Supplier relationship management, is the strategy an organization uses when establishing and maintaining business relations with suppliers and vendors. Learn 4 ways to improve your collaboration with your suppliers.

Your is our priority! Enable real-time notifications as an extra layer of for your account and your .