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Banque Havilland

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Banque Havilland S.A.
Company typePrivate Company
IndustryFinancial services
FoundedJuly 10, 2009 (2009 -07-10)[1]
Headquarters
Luxembourg
Number of locations
6
Key people
David Rowland (Owner)
Marc Arand (Group CEO)
ServicesPrivate banking
Asset management
Wealth management
Investment fund
Trading
Number of employees
200 (Luxembourg)
Websitewww.banquehavilland.com

Banque Havilland S.A. is a private bank headquartered in Luxembourg. It is owned by the Rowland family and provides services in private banking, wealth and asset management, fund services to private clients and institutions. Banque Havilland has five offices; these are located in Luxembourg, Liechtenstein, Monaco, the United Arab Emirates and Switzerland.[2]

On 9 August 2024, the Luxembourg District Court placed the bank in administration.

History

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Banque Havilland obtained a banking licence in Luxembourg in 2009.[3] David Rowland and his son Jonathan achieved this by obtaining the good bank of the failed Kaupthing Bank Luxembourg via their investment company Blackfish Capital. The bad bank was renamed Pillar Securitisation, for which Havilland acted as administrator.[4] It was named after Rowland's Havilland Hall mansion in Guernsey.[5]

It opened its first overseas entity in Monaco by acquiring Dexia Private Bank S.A.M. from Dexia Banque Internationale à Luxembourg in 2012.[6] A year later, in 2013, it launched its London branch[7] and acquired a majority stake in Banque Pasche (Liechtenstein) AG and 100% of shares in Pasche Bank & Trust Limited forming two new subsidiaries Banque Havilland (Liechtenstein) AG.[8]

In 2016, Banque Havilland acquired Banque Pasche S.A. in Switzerland allowing it to start operating in Switzerland, in Zurich.[9] Moreover, through its acquisition of Banco Popolare Luxembourg S.A. from Banco Popolare, the bank extended its services to institutional clients.[10]

In 2018, the bank was fined fined €4 million for breaches of money-laundering regulations. In 2023, the bank’s British subsidiary was shut down by regulators.[11] In 2023, Banque Havilland announced the sale of its institutional banking activities to Banco Inversis, a subsidiary of Spanish investment bank Banca March.[12]

In early August 2024, the European Central Bank withdrew Banque Havilland’s operating licence, stopping it trading in most of Europe. On 9 August 2024, the Luxembourg District Court placed the bank in administration.[11][5]

Financial war against Qatar

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See also: 2017 Qatar diplomatic crisis

In November 2017, leaked emails purported to show that Yousef Al Otaiba, ambassador of the United Arab Emirates to the United States, had hired Banque Havilland to draw up a plan on how to start a financial war against Qatar.[13] The bank has denied the allegations of overseas currency manipulation.[14]

In January 2023, the Financial Conduct Authority issued notices to Banque Havilland, its former London CEO, Edmund Havilland, and two other former employees for their role in the 2017 plan that targeted the financial system of Qatar. The FCA fined Banque Havilland £10 million. David Rowland’s son. Edmund Rowland was also banned and fined £352,000. An analyst with the bank, Vladimir Bolelyy created a presentation with “manipulative trading strategies” that aimed at devaluing the Qatari riyal. The watchdog censored and fined Bolelyy £14,200. A former senior manager at the bank, David Weller also received the FCA notice, which banned and fined him £54,000 for contributing significantly to the document prepared by the bank. A copy of the document, which was disseminated by Edmund Rowland and Bolelyy, was also provided to an official of the Abu Dhabi sovereign wealth fund.[15] [16][17] David Rowland maintained good relationship with the UAE President Mohammed bin Zayed, who was known as “The Boss” at Banque Havilland.[18]

References

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  1. ^ "Ouverture officielle Banque Havilland en présence de S. A. R le Duc d'York K. G." [Official Opening of Banque Havilland in the presence of HRH the Duke of York, KG]. Paperjam.lu. Retrieved 15 February 2017.
  2. ^ "Contact Us". banquehavilland.com. Archived from the original on May 11, 2017. Retrieved January 3, 2019.
  3. ^ "Le Président du Conseil d'Administration et la Direction sont heureux d'annoncer l'ouverture de "Banque Havilland S. A." prévue ce lundi 13 juillet 2009". Paperjam.lu. Archived from the original on 2018-07-30. Retrieved 15 February 2017.
  4. ^ Ward, Andrew; Pignal, Stanley (12 February 2010). "Luxembourg raids over Kaupthing failure". Financial Times. Retrieved 10 November 2017.
  5. ^ a b Bow, Michael (12 August 2024). "How Prince Andrew's favourite banker 'Spotty' Rowland came unstuck". The Daily Telegraph. Retrieved 13 August 2024.
  6. ^ "Banque Havilland acquires Dexia Private Bank Monaco". Investmenteurope.net. Retrieved 15 February 2017.
  7. ^ "Havilland ouvre un bureau à Londres" [Havilland opens an office in London]. Paperjam.lu (in French). Retrieved 15 February 2017.
  8. ^ "Acquisition of Banque Pasche private banking business in Liechtenstein". Paperjam.lu. Retrieved 15 February 2017.
    "Banque Havilland expands its international network to the Bahamas". Paperjam.lu. Archived from the original on 30 July 2018. Retrieved 15 February 2017.
  9. ^ "Banque Havilland S. A. acquires Swiss bank, Banque Pasche S. A." abbl.lu. Archived from the original on 2017-02-16. Retrieved 15 February 2017.
  10. ^ "Banque Havilland S. A. acquires Banco Popolare Luxembourg S. A." abbl.lu. Archived from the original on 2017-02-16. Retrieved 2017-02-15.
  11. ^ a b Monaghan, John (9 August 2024). "Banque Havilland placed into administration by Luxembourg court". Luxembourg Times. Retrieved 13 August 2024.
  12. ^ ""I don't think we are going against the grain": Banque Havilland CEO". Delano Finance. Retrieved 20 May 2024.
  13. ^ Grim, Ryan; Walsh, Ben (9 November 2017). "Leaked Documents Expose Stunning Plan to Wage Financial War on Qatar — and Steal the World Cup". The Intercept. Retrieved 15 November 2017.
  14. ^ Azhar, Saeed (2022-02-01). "UK watchdog warns Banque Havilland over Qatar bonds' presentation". Reuters. Retrieved 2023-02-01.
  15. ^ "FCA publishes Decision Notices for Banque Havilland SA and three of its former employees". Financial Conduct Authority. Retrieved 5 May 2023.
  16. ^ "UK Fines and Bans Banque Havilland's Edmund Rowland Over Qatari Plot". Bloomberg. Retrieved 5 May 2023.
  17. ^ "Banque Havilland faces £10mn fine from UK watchdog over Qatar scheme". The Financial Times. Retrieved 5 May 2023.
  18. ^ "At Banque Havilland, Abu Dhabi's Crown Prince Was Known as 'The Boss'". Bloomberg. Retrieved 21 December 2020.
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