The liquidation of Banque Havilland (Liechtenstein) AG and its Swiss branch has caused concerns among clients regarding the transfer of their securities and the return of deposits.
The European Central Bank has withdrawn the banking license for the parent company in Luxembourg, and KPMG has been appointed to oversee the liquidation process. The Swiss Financial Market Supervisory Authority (Finma) and the Financial Market Authority of the Principality of Liechtenstein are monitoring the situation.
The liquidation process may take until 2026 to complete, but clients with deposits up to CHF 100,000 should expect quicker access to their funds. Delays in securities transfers have been attributed to the complexity of client relationships, coordination with custodian banks, and compliance with regulatory requirements.
The approval process for transferring securities involves multiple authorities, with the custodian bank in Luxembourg being a potential bottleneck. The lack of transparency in disclosing specific figures regarding client deposits and securities custody accounts has caused frustration among clients.
The liquidation process highlights the challenges faced by clients in the banking sector and the importance of robust regulatory frameworks and efficient operational practices.