Banque Havilland starts shutting down Swiss units

Banque Havilland SA, a private bank owned by the family of close friends of the disgraced British royal Prince Andrew, has begun the process of closing its operations in Liechtenstein and Switzerland, days after being told by the European Central Bank that it would lose a key licence. The firm will start a voluntary liquidation of its Swiss and Liechtenstein businesses, according to an internal memo seen by Bloomberg News. The decision is not the result of any issues with the bank’s solvency or liquidity, and the wind-down is being conducted in cooperation with local regulators, according to the memo. +Sign up to get the most important news from Switzerland directly in your inbox A spokesperson for Banque Havilland declined to comment. Liechtenstein’s financial market supervisor confirmed in a statement on its website that the local unit had returned its banking licence. Switzerland’s watchdog Finma didn’t immediately respond to an email seeking comment. The closure of the private ...