Press release regarding Banque Havilland S.A.

The Commission de Surveillance du Secteur Financier (hereinafter “CSSF”) informs the public that, in accordance with Article 122 of the Law of 18 December 2015 on the failure of credit institutions and certain investment firms (hereinafter the “Law”), it has lodged an application with the Tribunal d’Arrondissement de Luxembourg (Luxembourg District Court) sitting in commercial matters on 1 August 2024 for the suspension of payments of Banque Havilland S.A., established and having its registered office at 35a, Avenue J.F. Kennedy, L-1855 Luxembourg, registered with the Registre de Commerce et des Sociétés de Luxembourg under number B147029.

Banque Havilland S.A. is a direct and wholly owned subsidiary of Havilland Group S.A. and currently has two subsidiaries, namely Banque Havilland (Monaco) S.A.M and Banque Havilland (Liechtenstein) AG, which has a branch in Zurich.

This application for the suspension of payments occurs in the context of the decision of the European Central Bank to withdraw Banque Havilland S.A.’s authorisation as a credit institution (hereinafter the “Decision”). The Decision takes effect on 2 August 2024, following its notification to Banque Havilland S.A. on 1 August 2024.

In accordance with paragraph 6 of Article 122 of the Law, the lodgement of the application for the suspension of payments automatically brings about, in favour of Banque Havilland S.A. and pending a final decision on the application, a suspension of all payments by that institution and a prohibition, under penalty of nullity, of all acts other than precautionary measures unless authorised by the CSSF or by any contrary legal provision.

In accordance with paragraph 17 of Article 122 of the Law, the CSSF automatically acts as administrator until the delivery of the first-instance judgement on the application for the suspension of payments.