Banque Havilland SA, a private bank with connections to the disgraced British royal Prince Andrew, has initiated the process of closing its operations in Liechtenstein and Switzerland. This move follows a recent notification from the European Central Bank (ECB) indicating that the bank would lose a critical license.
A voluntary liquidation of the Swiss and Liechtenstein units will be undertaken, as per an internal memo reported by Bloomberg News. Importantly, the decision is not a consequence of any issues concerning the bank’s solvency or liquidity. Rather, the wind-down is being executed in collaboration with local regulatory bodies in both countries.
Banque Havilland has been under increased scrutiny partly due to its ownership by a family associated with Prince Andrew. The bank’s operational strategy henceforth remains to be seen, particularly how it will navigate regulatory landscapes and business strategies elsewhere after ceasing operations in these key financial jurisdictions.
For more detailed information, you can refer to the original article on Bloomberg Law.