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NewB bank dismantles its banking activities

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NOTewB, which presented itself as an ethical and sustainable bank, has just begun its dismantling plan which aims to take the company out of the banking sector, write L’Echo and De Tijd on Wednesday. As soon as this plan is executed, NewB will lose its banking license and cease to be a bank.

Since failing to raise 40 million euros to meet the requirements of the National Bank (BNB), NewB was on borrowed time.

“Our dismantling plan aims to get NewB out of the banking business in a professional and coordinated way. We want to act quickly and reimburse our customers as soon as possible”, explained the CEO of NewB, Thierry Smets.

As of Wednesday, NewB customers will be invited to transfer their assets to another bank, knowing that around 170 million euros are on deposit in NewB’s current and savings accounts. The company, which will no longer accept any new customers, ensures that it will reimburse all deposits.

In the coming weeks, NewB will also present a collective redundancy plan, knowing that the company employs around fifty people. The CEO does not yet want to comment on the number of layoffs to come, knowing that the future of the structure will depend on the vote of the general meeting to be held on November 26th. At this point, two scenarios are on the table: an outright liquidation or the continuation of activities outside the banking sector.