Deutsche Bank closes down Bank of Valletta’s Euro accounts too

Yesterday, this website reported that Deutsche Bank has has closed down Bank of Valletta’s US dollar accounts. Further information received today confirms that it is not just Bank of Valletta’s USD accounts which Deutsche Bank has closed down, but all of Bank of Valletta correspondent-banking accounts, including its euro account at Deutsche Bank in Frankfurt.

A source at Bank of Valletta told this website: “First, all of our US correspondent banks closed our accounts – except for Bankers Trust, which is owned by Deutsche Bank. That has now been closed. Then last year it was Commerzbank, now Deutsche Bank, which has shut down Bank of Valletta’s accounts across all currencies. New US dollar and Euro accounts have been opened with a bank in Italy. Our chairman and CEO were in that country last week, though their visit might be unrelated. But we have to ask – which banks and accounts are going to be next?”

In this file photograph, Joseph Muscat unveils a plaque at a retail branch of the Bank of Valletta, watched by Taddeo (Deo) Scerri, the Labour Party’s long-time auditor who the government recently appointed chairman of the bank.