2024-09-23 22:02:54 :
(Bloomberg) — Revolut Ltd. Chairman Martin Gilbert is involved in talks to acquire the Monaco branch of Banque Havilland SA, which lost its license last month over internal controls issues.
The private bank has entered into exclusive talks with Gilbert, the former chief executive of asset manager Abrdn Plc, as well as other investors including racing entrepreneur Eddie Jordan and former Abrdn executive Ivan Murphy, according to a statement from the bank , to sell its Monaco operations. A company based in Luxembourg.
Murphy said the buyers wanted to “restore the trust of the bank’s customers and employees”. “We are pleased to work with the existing team to complete this transaction and continue to build a strong traditional independent private bank in Monaco,” he said in a bank statement.
Gilbert and Murphy met while working at Abden, and Murphy spent several months talking to Haviland Bank, he said by phone. “We’re not competing with the likes of UBS. It’s a completely different industry,” he added.
The European Central Bank revoked Havilland Bank’s license in August, ending a 15-year saga that saw the bank fined for money laundering failures and alleged attempts to destabilize Qatar’s economy.
Havilland Bank is controlled by the family of David Rowland, a millionaire businessman and British Conservative Party donor. The Rowlands are close friends of disgraced British royal Prince Andrew, and the bank may have asked him to serve as the unofficial door opener to the world’s financial elite, Bloomberg reported.
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