Last August, the ECB's banking supervision revoked the license of Banque Havilland in Luxembourg. Since then, the bank, along with its subsidiaries, has been seeking buyers. It seems that Revolut's Chairman, Martin Gilbert, is looking to step in.
It was almost communicated as if the deal was closed: As reported by finews.com a month ago, Banque Havilland and Andbank had reached an agreement: the largest bank in Andorra would purchase Havilland's Monaco subsidiary.
Following this, Andbank conducted a due diligence review. Apparently, they did not like what they saw. The portal monacolife.net reported a few days ago: «After this analysis phase, Andbank Monaco SAM has decided not to pursue the transaction further and will not make a binding offer for Banque Havilland (Monaco) SAM,» Andbank wrote to the online portal.
One Name Stands Out
However, the British owner of the group, Harley Rowland, apparently has another bidder for his Monaco subsidiary, whose assets under management are estimated at only around 400 million euros. As announced officially by the Luxembourg headquarters, a consortium of private individuals has agreed to take over the Monegasque Havilland, «subject to regulatory approval.»
One name in particular stands out: Martin Gilbert, founder of the asset manager Aberdeen (now Abrdn), is a heavyweight in the industry. He currently serves as Chairman at Revolut and as a board member at the Swiss mining company Glencore.
Is Revolut Lurking in the Background?
The extent to which this is purely a private investment is a topic of discussion. It is at least conceivable that Revolut has its eye on Havilland's Monaco banking license. So far, Revolut operates as a bank in the EU from Lithuania. There are persistent rumors that the British neobank has also applied for a banking license in Switzerland.
The Havilland group became inoperable after the ECB and the Luxembourg regulator revoked the license of its Luxembourg headquarters in early August, as reported first by finews.com.
Crown Jewel Liechtenstein
The Liechtenstein subsidiary, with its branch in Zurich, which had recently seen rapid growth in assets under management (as reported by finews.com), was considered the crown jewel in the group's client portfolio.
Under pressure from the Financial Market Authority (FMA), it preemptively decided to voluntarily liquidate itself and return its license just days earlier.
For this entity, the only options for an exit are a complete liquidation or an asset deal. finews.com has already named potential buyers: EFG International, as well as Liechtenstein-based firms VP Bank and Sigma. Signs are increasingly pointing to EFG taking the lead. An official announcement could come as early as next week.
