A consortium led by Martin Gilbert, Chairman of Revolut Bank, and Monaco-based financier Ivan Murphy is poised to acquire the struggling Banque Havilland (Monaco) SAM. The investment group, which includes notable Monaco residents such as sports entrepreneur Eddie Jordan and Dutch industrialist Bart Duijndam, aims to stabilize and grow the bank's operations in the principality. This move comes as part of a broader effort to redirect the future of the troubled bank's local branch, which currently employs approximately 20 staff members.
Banque Havilland Group has confirmed that it has entered exclusive negotiations with the consortium. The investors' plan focuses on revitalizing the private banking institution by prioritizing customer service and employee welfare. “We are delighted to have the opportunity to acquire Banque Havilland (Monaco) SAM and to restore the trust of its loyal clients and staff,” expressed Ivan Murphy, Executive Director of the consortium.
Pending regulatory approval, the acquisition is expected to conclude by the end of the year. This development marks a significant shift for Banque Havilland, which has faced serious regulatory challenges recently, including a €4 million fine from Luxembourg regulators and the revocation of its license by the European Central Bank. The acquisition underscores Revolut's strategy to expand its influence in the European financial landscape, leveraging its digital banking platform to enhance service offerings in Monaco and beyond.
Comments