On 26 November, an extraordinary general meeting will be held to decide on the future of the NewB sustainable bank after it lost its banking licence, the cooperative confirmed on Wednesday.
At the extraordinary meeting, two scenarios will be on the table: either the cooperators decide that there is no future for NewB and the cooperative will be dissolved, or the cooperators give the board of directors "the mandate to examine one or more options for the continuation of NewB's activities," the general meeting's agenda states.
However, any continuation will be without banking activities, as NewB had already announced at the end of October that it would cease banking activities, having failed to raise the €40 million of additional capital needed to maintain its banking licence.
Until the general meeting, cooperators can also express their views in a survey on which activities they think NewB should retain.
Related News
- NewB: Belgian sustainable bank on brink of collapse
- NewB shuts down all banking operations
- Belgian cooperative bank NewB fails to raise €40 million
Specifically, this could include insurance, a current account plus bank card (in cooperation with another bank), credits (private and/or professional) or still investment products. While the survey is not binding, it will "provide the board of directors with insight into the activities preferred by cooperators."
Additionally, NewB is also organising online information sessions on 21 and 22 November.
The extraordinary general meeting is scheduled for 26 November at 14:00 in the Paul-Emile Janson auditorium of the Université Libre de Bruxelles (ULB) in Ixelles.
