Banque Havilland, a Luxembourg private bank owned by British property developer David John Rowland, has sold its depository and custody business for an undisclosed amount to Spain’s Banco Inversis as part of a new strategy in which it fully focuses on private banking.
Banque Havilland on 20 April said it had signed a business transfer agreement with Banco Inversis on 2 April for the sale of its depositary and custody, and related services business. Under a new strategy, ‘Excellence 2024’, Banque Havilland will focus on the private banking business to strengthen its value proposition in the long term, the firm said.
“The decision to sell the depositary and custody, and related services activity was not an easy one to make, but it is the right one for our Group and for all our stakeholders,” said Marc Arand, Group CEO of Banque Havilland, in a statement.
Losses doubled in 2021
Banque Havilland was created in 2009 in Luxembourg and operates under a CSSF-licence. According to its 2021 annual accounts, Banque Havilland posted a loss of 18.7 million euro for 2021, more than double the 7.4 million it lost in 2020 on the back of lower revenue from commissions and interest. It employed a total of 217 people at the end of 2021 and held assets of about 1.49 billion euro.
“We have carefully evaluated our portfolio and determined that our future success will come from focusing on our core businesses where we have a strong competitive advantage. We are aligning our organisational structure even more consistently with the needs of our core customers and focusing on Private Banking,” said Arand.
Inversis has plans for Luxembourg
Inversis, a fully-owned subsidiary of Palma, Mallorca-headquartered Banca March, will take over Banque Havilland’s institutional banking activities and clients by the end of 2023, subject to regulatory approvals.
“This acquisition and the upcoming opening of our branch in Luxembourg, together with the agreement reached with Adepa, makes us the only Spanish firm present in Luxembourg with a unique capacity to support Spanish and Latin American clients in the development of their international product strategy from Luxembourg,” said Alberto del Cid, CEO of Inversis.
Banco Inversis is a Spanish bank established in 2001. After selling its retail banking division in 2014, Banco Inversis is focused on institutional and capital markets business by providing integrated solutions to the investment business entities and financial assets, according to its website. The firm held 2.27 billion euro in assets at the end of 2022.
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