Banque Havilland

History

Banque Havilland obtained a banking licence in Luxembourg in 2009. 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.{{cite news | access-date = 10 November 2017

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

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

In 2018, the bank was fined €4 million for breaches of money-laundering regulations. In 2023, the bank’s British subsidiary was shut down by regulators.

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.

Controversy

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.{{cite news | access-date = 15 November 2017

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. David Rowland maintained good relationship with the UAE President Mohammed bin Zayed, who was known as “The Boss” at Banque Havilland.

References

References

1. "Ouverture officielle Banque Havilland en présence de S. A. R le Duc d'York K. G.".
2. "Contact Us".
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".
4. "Banque Havilland acquires Dexia Private Bank Monaco".
5. "Havilland ouvre un bureau à Londres".
6. "Acquisition of Banque Pasche private banking business in Liechtenstein".
7. "Banque Havilland S. A. acquires Swiss bank, Banque Pasche S. A.".
8. "Banque Havilland S. A. acquires Banco Popolare Luxembourg S. A.".
9. "“I don’t think we are going against the grain”: Banque Havilland CEO". Delano Finance.
10. Monaghan, John. (9 August 2024). "Banque Havilland placed into administration by Luxembourg court".
11. Bow, Michael. (12 August 2024). "How Prince Andrew's favourite banker 'Spotty' Rowland came unstuck". The Daily Telegraph.
12. Azhar, Saeed. (2022-02-01). "UK watchdog warns Banque Havilland over Qatar bonds' presentation". Reuters.
13. "FCA publishes Decision Notices for Banque Havilland SA and three of its former employees".
14. "UK Fines and Bans Banque Havilland’s Edmund Rowland Over Qatari Plot".
15. "Banque Havilland faces £10mn fine from UK watchdog over Qatar scheme".
16. "At Banque Havilland, Abu Dhabi’s Crown Prince Was Known as ‘The Boss’".