Banque Havilland Begins Closure of Swiss and Liechtenstein 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 license.

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 ...