Finance
Banque Havilland Begins Closure of Swiss and Liechtenstein Units
- Move comes after ECB told lender it would lose a key license
- Bank has enjoyed ties to disgraced UK royal Prince Andrew
A tram passes the Banque Havilland headquarters in Luxembourg.
Photographer: Olivier Matthys/BloombergThis article is for subscribers only.
Banque Havilland SA, a private bank owned by the family of close friends of the disgraced British royal Prince Andrew, has begun the process of closing its operations in Liechtenstein and Switzerland, days after being told by the European Central Bank that it would lose a key license.
The firm will start a voluntary liquidation of its Swiss and Liechtenstein businesses, according to an internal memo seen by Bloomberg News. The decision is not the result of any issues with the bank’s solvency or liquidity, and the wind-down is being conducted in cooperation with local regulators, according to the memo.