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efg expresses interest in acquiring banque havilland assets. what will happen to banque havilland's liechtenstein branch? in addition to efg international, two other institutions have reportedly shown interest in an asset deal. however, one bank has since withdrawn from the race. events unfolded swiftly. on july 30, banque havilland announced that it would cease operations in liechtenstein and switzerland, initiating voluntary liquidation for banque havilland (liechtenstein) ag. at the same time, the bank relinquished its banking licenses in liechtenstein and switzerland. by august 2, the private bank announced that the european central bank (ecb) had revoked its banking license in luxembourg with immediate effect. conflict with regulators escalated. while the bank plans to challenge the ecb's decision, this may be little more than a last-ditch effort. the issue was not a lack of capitalization but rather persistent suspicions of money laundering and severe significant compliance violations at its headquarters in luxembourg. the conflict with regulators has reportedly escalated over recent years. the bank had apparently attempted to relocate its headquarters from luxembourg to vaduz, and just before the ecb's intervention, equity capital was allegedly shifted from luxembourg to vaduz. liechtenstein institution withdraws from interest. while the owner family, led by british real estate tycoon david rowland, is unlikely to recover their investment in luxembourg, they recently managed to sell the subsidiary in monaco to andorra's andbank. the liechtenstein/switzerland operations are now also up for sale, with a particular focus on an asset deal centered around acquiring client relationships from the liquidating banque havilland. kpmg (liechtenstein) has been appointed as the official liquidator of the bank and remains tight-lipped about potential buyers. however, finews.ch reports that efg international has expressed interest, as has sigma bank from liechtenstein. another liechtenstein institution, vp bank, which recently made headlines with significant job cuts, has withdrawn from the race. none of the three institutions have commented on the matter. liechtenstein/switzerland business showed strong growth. an asset deal could indeed be lucrative. the 2022 merger of banque havilland (liechtenstein) with banque havilland (suisse) and the establishment of a branch in zurich led to a 40 percent increase in client assets, reaching 1,6 billion francs in 2023. this growth occurred at both the liechtenstein headquarters and the zurich branch. the better-than-expected performance resulted in a balance sheet increase from 702,8 million francs in 2022 to 909,7 million francs in 2023. client deposits rose by 132,4 million francs to 682,9 million francs, while loans to clients increased to 222,8 million francs (+44,4 million francs).
EFG Expresses Interest in Acquiring Banque Havilland Assets
What will happen to Banque Havilland's Liechtenstein branch? In addition to EFG International, two other institutions have reportedly shown interest in an asset deal. However, one bank has since withdrawn from the race.
Events unfolded swiftly. On July 30, Banque Havilland announced that it would cease operations in Liechtenstein and Switzerland, initiating voluntary liquidation for Banque Havilland (Liechtenstein) AG. At the same time, the bank relinquished its banking licenses in Liechtenstein and Switzerland. By August 2, the private bank announced that the European Central Bank (ECB) had revoked its banking license in Luxembourg with immediate effect.
Conflict with Regulators Escalated
While the bank plans to challenge the ECB's decision, this may be little more than a last-ditch effort. The issue was not a lack of capitalization but rather persistent suspicions of money laundering and severe significant compliance violations at its headquarters in Luxembourg. The conflict with regulators has reportedly escalated over recent years. The bank had apparently attempted to relocate its headquarters from Luxembourg to Vaduz, and just before the ECB's intervention, equity capital was allegedly shifted from Luxembourg to Vaduz.
Liechtenstein Institution Withdraws from Interest
While the owner family, led by British real estate tycoon David Rowland, is unlikely to recover their investment in Luxembourg, they recently managed to sell the subsidiary in Monaco to Andorra's Andbank. The Liechtenstein/Switzerland operations are now also up for sale, with a particular focus on an asset deal centered around acquiring client relationships from the liquidating Banque Havilland.
KPMG (Liechtenstein) has been appointed as the official liquidator of the bank and remains tight-lipped about potential buyers. However, finews.ch reports that EFG International has expressed interest, as has Sigma Bank from Liechtenstein. Another Liechtenstein institution, VP Bank, which recently made headlines with significant job cuts, has withdrawn from the race. None of the three institutions have commented on the matter.
Liechtenstein/Switzerland Business Showed Strong Growth
An asset deal could indeed be lucrative. The 2022 merger of Banque Havilland (Liechtenstein) with Banque Havilland (Suisse) and the establishment of a branch in Zurich led to a 40 percent increase in client assets, reaching 1,6 billion francs in 2023.
This growth occurred at both the Liechtenstein headquarters and the Zurich branch. The better-than-expected performance resulted in a balance sheet increase from 702,8 million francs in 2022 to 909,7 million francs in 2023. Client deposits rose by 132,4 million francs to 682,9 million francs, while loans to clients increased to 222,8 million francs (+44,4 million francs).
