The business transfer agreement was signed by Banque Havilland on 2 April 2023, noted the press release. The move will allow Banque Havilland to focus on the private banking part of its business.

The decision was not easy, said Marc Arand, group CEO of Banque Havilland. “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,” he commented in the press release.

Banco Inversis, which is a subsidiary of the Spanish institution Banca March, will take over Havilland’s institutional banking activities and clients by the end of 2023, subject to regulatory approvals. The staff members working in this part of the business will be transferred to Inversis during the same time frame. Their conditions and benefits will remain the same, according to the bank.

“The choice of Inversis, a global reference in this business area, will ensure to maintain the highest quality and continuity of service and the ability to offer tailor-made solutions to our institutional clients,” said Arand.

“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.

Established in 2009, Banque Havilland is privately owned and independently managed. Its headquarters are in Luxembourg and the group operates other locations in Switzerland, Liechtenstein, Monaco, Dubai and the UK.