The future of Banque Havilland in Liechtenstein is uncertain as the bank goes through voluntary liquidation. The bank's assets have significantly decreased, with reports suggesting that only a fraction of the original amount is still available. The European Central Bank has revoked the parent company's license, adding to the complexity of the situation.
There are concerns that regulatory pressures may have influenced the decision to liquidate. The bank's subsidiaries in Vaduz and Monaco are in a precarious position, with the latter being sold to a consortium that includes Martin Gilbert, the chairman of Revolut. The Vaduz unit, which also has a branch in Zurich, has seen its assets diminish during the liquidation process.
There are questions about what will happen to the remaining client assets as the liquidation progresses. Sigma Bank, owned by Austrian billionaire Martin Schlaff, has reached a deal to transfer the assets. This could be beneficial for Sigma Bank, which has faced challenges of its own. The regulatory landscape surrounding Banque Havilland has been tumultuous, and there are concerns about the future of client relationships and asset management. Financial authorities are investigating the circumstances leading to the liquidation and the management of client funds. KPMG, the liquidator, has confirmed a referral deal between Sigma Bank and Banque Havilland, but there are still uncertainties about the amount of assets that will be transferred.
The fate of the CHF 1.6 billion in client assets is a pressing concern. It is estimated that only a quarter of the original amount may still be available for transfer. The challenges of transferring custody accounts to other banks have complicated the situation. Clients in Switzerland are reportedly not affected by the Sigma deal, raising questions about the overall strategy for managing client assets.
In summary, the liquidation of Banque Havilland raises questions about regulatory oversight, market dynamics, and client interests. The resolution of this situation will have implications for the banking landscape in Liechtenstein and beyond.