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Monaco Bank With Ties to Prince Andrew Nears Sale to Fintech Investors
(Bloomberg) -- Three investors are preparing to relaunch the Monaco-based arm of Banque Havilland SA, almost a year after the wider banking group lost its European license over concerns about its internal controls.
Monzo and Starling Bank co-founder Jason Bates, Ukrainian tech investor Maksym Koretskiy, and Scottish billionaire Jim McColl are involved in the attempted purchase and revamp, according to documents dated May seen by Bloomberg News.
The buyers are seeking regulatory approval to finalize the acquisition from Monaco's Commission de Controle des Activites Financieres and France's Autorite de Controle Prudentiel et de Resolution.
Following the deal, the new owners plan to transform the business into a wealth-focused financial technology company under a new name, according to people familiar with the matter, who asked not to be named because the details haven't been made public.
Banque Havilland was formerly controlled by the family of David Rowland, a millionaire businessman and UK Conservative Party donor. The Rowlands are close friends of disgraced British royal Prince Andrew and the bank could once call upon him to act as an unofficial door-opener to the world's financial elite, Bloomberg has reported.
Last year, the European Central Bank stripped Luxembourg-based Banque Havilland of its license following fines for anti-money-laundering failings, and the group closed its operations in Liechtenstein and Switzerland. The company announced last week that it had concluded the resolution process, and deposits and trade creditors would be paid shortly.
The Monaco unit was not part of this process, and last year the unit entered exclusive takeover talks with a different group of potential buyers, including Revolut Chairman Martin Gilbert.
Banque Havilland didn't respond to requests for comment. The CCAF and ACPR both declined to comment.
--With assistance from Gaspard Sebag and Harry Wilson.
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