The private bank has entered into exclusive negotiations with Gilbert, the former co-chief executive officer of asset manager Abrdn Plc, and other investors including motor racing entrepreneur Eddie Jordan and former Abrdn executive Ivan Murphy, to sell its Monaco business, according to a statement from the Luxembourg-based company, Bloomberg reported.
Murphy said the buyers wanted to “restore the trust” of the bank’s clients and staff. “We are excited to work with the existing team to close this transaction and move forward to build a strong traditional independent private bank in Monaco,” he said in the bank’s statement.
Bloomberg reported that the European Central Bank stripped Banque Havilland of its license in August, ending a 15-year saga that saw the bank hit with fines for money laundering failings and an alleged attempt to destabilize the economy of Qatar.
Bloomberg reported that Banque Havilland is controlled by the family of David Rowland, a millionaire businessman and UK Conservative Party donor.
Bloomberg has reported that the Rowlands are friends of Prince Andrew and the bank could once call upon him to act as an unofficial door-opener to the world’s financial elite.