The Banque Havilland's voluntary liquidation in Liechtenstein has seen its client funds dwindle. The remaining assets are now expected to be transferred to another Liechtenstein bank. Of the 1,6 billion Swiss francs once managed, little is likely to be left.
A year and seven days have passed since Banque Havilland completed its final business year as a regular bank.
Last May, finews.com interpreted its 2023 results as «a good year with question marks».
More Questions than Answers
Those question marks have only grown: at the end of July, the European Central Bank revoked the license of the bank’s parent company in Luxembourg, as finews.com exclusively reported. The exact reasons remain a mystery to this day.
Since then, the bank's subsidiaries in Vaduz (Liechtenstein) and Monaco have been left in limbo.
«Voluntary» Liquidation in Vaduz
The Liechtenstein entity, which also includes a Zurich branch, opted for voluntary liquidation. However, the term «voluntary» is disputed – local sources suggest that the Financial Markets Authority, Liechtenstein’s equivalent to Switzerland’s Finma, applied significant pressure.
Meanwhile, the Monaco subsidiary was initially set to be sold to Andorra’s Andbank, as finews.com reported, before a consortium of private investors, including Revolut Chairman Martin Gilbert, entered the picture. finews.com also covered this development.
Silence in Monaco
In September 2024, Banque Havilland stated that the Monaco unit would operate under its new owners by the end of the year, pending regulatory approval. Since then, there has been no update. A query by finews.com to Monaco’s financial regulator, the CCAF, went unanswered yesterday, raising further questions.
1,6 Billion Francs in Vaduz
In terms of assets under management, the Liechtenstein-Swiss subsidiary was by far the most significant part of the Havilland group, owned by British billionaire David «Spotty» Rowland.
By the end of 2023, the Vaduz and Zurich branches managed 1,6 billion francs in client funds. Under former CEO Fabian Käslin, assets grew over 40 percent that year, and the bank returned to profitability after losses under his predecessor. Despite this turnaround, Käslin left unexpectedly in spring, leaving his next move unclear – yet another question mark.
Financial Weight in Vaduz
Compared to Vaduz, client funds in Monaco and at the Luxembourg headquarters were much smaller. Still, these units dominated negative press coverage internationally.
The fate of the 1,6 billion francs in client funds amid the liquidation has been a recurring concern. Recently, finews.com examined delays in transferring simple securities accounts to other banks.
EFG or Sigma? Rumors of an Asset Deal
Shortly after the liquidation began, finews.com reported that Havilland bankers were in talks with EFG and Sigma Bank about an asset deal. Such a deal would have transferred client relationships and deposits to a single buyer, subject to client consent, through a standardized process.
EFG later withdrew from the talks, but many key Havilland advisors joined EFG Vaduz instead, as finews.com reported. How many clients and assets they brought along remains unclear – another question mark.
New Development
Now, finews.com has learned that an asset deal involving the remaining funds is apparently being implemented.
The Sigma Bank, a niche player in Liechtenstein’s small banking sector, is stepping in.
3 Billion Francs in Client Assets
Owned by Austrian billionaire Martin Schlaff, Sigma Bank traditionally focuses on small consumer loans in Germany under the name Sigma Kreditbank. Its private banking arm, which owns the credit bank, is only a few years old.
Client funds totaled about 3 billion francs at the end of last year.
A Welcome Boost
In this context, acquiring assets from the liquidating Havilland entity would be a welcome addition for Sigma Bank.
Its CEO, former Sarasin and Notenstein executive Aris Prepoudis, leads the organization.
But how much of the 1,6 billion francs remains five months after liquidation began? Experts estimate only a quarter of the original amount.
Referral or Asset Deal?
Sigma Bank clarified to finews.com that the transaction is not an asset deal but a «referral deal on a case-by-case basis».
KPMG, the liquidator for Banque Havilland in Liechtenstein, confirmed the deal to finews.com: «As liquidators, we do not comment on numbers, but we can confirm the Sigma deal. Importantly, Havilland’s Swiss clients are not affected by this deal.»
