This is the new MLex platform. Existing customers should continue to use the existing MLex platform until migrated.
For any queries, please contact Customer Services or your Account Manager. Dismiss

FlowBank sees bankruptcy proceedings opened by Swiss financial regulator

( June 13, 2024, 10:29 GMT | Official Statement) -- MLex Summary: Swiss lender FlowBank “no longer has sufficient capital for its operations as a bank” and must be wound up, the Swiss Financial Market Supervisory Authority has said, opening bankruptcy proceedings against the bank today. Finma said FlowBank's minimum capital requirements have been “significantly and seriously breached” with its management unable to complete an eligible capital increase within the required timeframe. The regulator has also noted fears that FlowBank is currently over-indebted with no prospect of restructuring. Current calculations suggest, though, that any privileged deposits can be fully repaid from the bank's available funds.Statement follows. Answers to client's questions are attached....

Prepare for tomorrow’s regulatory change, today

MLex identifies risk to business wherever it emerges, with specialist reporters across the globe providing exclusive news and deep-dive analysis on the proposals, probes, enforcement actions and rulings that matter to your organization and clients, now and in the longer term.


Know what others in the room don’t, with features including:

  • Daily newsletters for Antitrust, M&A, Trade, Data Privacy & Security, Technology, AI and more
  • Custom alerts on specific filters including geographies, industries, topics and companies to suit your practice needs
  • Predictive analysis from expert journalists across North America, the UK and Europe, Latin America and Asia-Pacific
  • Curated case files bringing together news, analysis and source documents in a single timeline

Experience MLex today with a 14-day free trial.

Start Free Trial

Already a subscriber? Click here to login

Documents

Related Sections