Luxembourg Bank With Ties to Prince Andrew Starts to Wind Down

Banque Havilland SA, a private bank owned by the family of close friends of the disgraced British royal Prince Andrew, is beginning to wind down after the European Central Bank told the firm it would revoke one if its key licenses.

Banque Havilland is no longer accepting new money and executives have entered exclusive negotiations with a rival to acquire its business in Monaco, according to people familiar with the matter.

The Banque Havilland SA headquarters in Luxembourg.

Photographer: Olivier Matthys/Bloomberg

The moves come after the lender was informed in a letter from the ECB that it would no longer be allowed to conduct business in its home ...