Bank Medici AG, the Vienna-based private bank crippled by losses related to Bernard Madoff, will give up its banking license and wind down that part of its business.

Bank Medici AG, the Vienna-based private bank crippled by losses related to Bernard Madoff, will give up its banking license and wind down that part of its business.

Medici plans to remain “a legal entity” and protect its customers’ interests, the bank said in an e-mailed statement.

“The Madoff-fraud has caused huge damage to Bank Medici,” the bank said today. “In the current environment it is not possible to develop new substantial banking business.”

To read the full article, visit bloomberg.com