Banque Havilland shuts down Swiss unit. Source: Shutterstock

Banque Havilland, the shareholder of Banque Havilland (Liechtenstein), opted on 26 July 2024, following discussions with the board of directors, to suspend its business activities in Liechtenstein and Switzerland and proceed the voluntary liquidation process with Banque Havilland (including its Zurich branch).

The Liechtenstein Financial Market Authority (FMA) and the Swiss Financial Market Supervisory Authority (FINMA) were both notified of the liquidation and the subsequent renunciation of banking licenses.

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The decision was made because the group intends to end operations in Liechtenstein and Switzerland, not because of concerns about solvency or liquidity.

In order to ensure compliance with all legal obligations and safeguard the interests of all parties concerned, the liquidation procedure of Banque Havilland (Liechtenstein) AG, which is financially healthy and stable, will be carried out in an orderly manner in close collaboration with the FMA and the FINMA.

The following entity has been appointed to serve as Banque Havilland (Liechtenstein) AG’s liquidator:

  • KPMG (Liechtenstein) AG (“KPMG”), Äulestrasse 2, 9490 Vaduz, Liechtenstein (FL 0001.548.458-1), with sole power of representation.
  • Marc Arand, with joint power of representation (jointly with KPMG).
  • Jean-François Willems, with joint power of representation (jointly with KPMG).

Moreover, last month, REYL Intesa Sanpaolo acquired FINMA approval to execute its new governance structure.

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In addition, François Reyl joins the bank’s board of directors and chairs its strategic committee, and Pasha Bakhtiar, who is now a partner and member of the executive committee, will become the bank’s next CEO and chairman of the executive committee.

Reyl stated: “After 22 years in an executive role at Reyl & Cie, I am very pleased to hand over to Pasha Bakhtiar the role of ensuring the continuation of our operational activities and supporting the development of the Group’s strategy. I intend to remain involved as a shareholder and Board Member, offering my support whenever requested. Pasha Bakhtiar is an extremely talented professional with particularly relevant and deep experience in the areas of Wealth Management, Asset Management and Digital Banking.  He has my full confidence as well as that from the Bank’s Board, Executive Committee and controlling shareholder. This transition is the logical and planned evolution of REYL & Cie since its integration into the Intesa Sanpaolo Group in 2021.”