Switzerland’s Finma Opens Bankruptcy Proceedings Over FlowBank

Switzerland’s bank supervisor Finma has opened bankruptcy proceedings against FlowBank SA, it said in a statement.

• Bank no longer has the minimum capital required for its business operations, Finma said
• There are also fears that the bank is over-indebted
• Law firm Walder Wyss AG was appointed as liquidator
• Liquidator will repay privileged deposits up to CHF 100,000 to the clients concerned as quickly as possible
  • According to current calculations, the privileged deposits can be repaid in full out of the bank’s available funds
• FlowBank SA is a bank offering online brokerage and trading with its head office in ...