The Swiss private bank of one of Europe’s oldest financial dynasties was forced into liquidation Oct. 26 after failing to recover from losses and legal issues.
The Swiss Financial Market Supervisory Authority initiated proceedings against Bank Hottinger & Cie. after the company had “sustained losses” and “unresolved litigation,” according to a statement Oct. 26 by the organization known as Finma. The bank has assets of about $148 million (145 million Swiss francs)
“As the minimum capital requirements are no longer met and there is no prospect of restructuring, the bank has to be liquidated,” Finma said in the statement.
Swiss ...
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