On August 1, 2024, the European Central Bank (ECB) unexpectedly and, in our view, unjustly withdrew the banking license of Banque Havilland S.A. This decision took effect on August 2, 2024, and led to the initiation of court-supervised creditor protection proceedings (suspension of payments) under the oversight of the Luxembourg financial regulator, CSSF.
Banque Havilland S.A. immediately filed an appeal against the ECB’s decision and continues to actively contest it. We firmly believe the withdrawal of the license was unwarranted and disproportionate to the actual circumstances. It is important to note that the Bank’s liquidity and solvency were never in question.
Despite this serious and, we believe, unlawful action, the Bank acted swiftly and diligently to safeguard the interests of its clients and creditors. Through determined efforts, all depositor claims were honored in full. As a result, on [xxx], the court formally released the Bank from suspension of payments and all deposits had been fully repaid.
Following a structural reorganization, the company has since been renamed [Havilland] S.A. and now operates as a regular non-banking business entity. We would like to extend our sincere gratitude to our clients, partners, and employees for their trust and support throughout this challenging period.
For further information or inquiries, please do not hesitate to contact us.
[Havilland] S.A. (formerly Banque Havilland S.A.)