Press release regarding Banque Havilland S.A.

The Commission de Surveillance du Secteur Financier 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”), the Tribunal d’Arrondissement de Luxembourg (Luxembourg District Court), sitting in commercial matters, has confirmed by judgement of 9 August 2024 the suspension of payments of Banque Havilland S.A. in force since 2 August 2024.

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.

Me Laurent Fisch and EY Strategy and Transactions (represented by Mr Christophe Vandendorpe) have been appointed by this judgement as administrators in order to control the management of the assets of Banque Havilland S.A..

The decision by the Luxembourg District Court implies a suspension of all payments by Banque Havilland S.A. and the prohibition, under penalty of nullity, of all acts other than precautionary and protective measures, unless authorised by the administrators.

The unavailability of deposits within the meaning of Article 170 of the Law triggers the intervention of the Fonds de garantie des dépôts Luxembourg in order to enable depositors to be compensated for the unavailability of their deposits up to the amount of covered deposits. Further information is available on the website of the Fonds de garantie des dépôts Luxembourg (www.fgdl.lu).