The Swiss Financial Market Supervisory Authority FINMA has commenced bankruptcy proceedings against Banque Privee Espirito Santo, part of the Portuguese Espirito Santo family’s troubled business empire.
Banque Privee Espirito Santo was over-indebted, FINMA said in a statement on its website.
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The bank is in a position to "rapidly and fully reimburse" deposits of as much as CHF100,000 which make up most of its accounts, the regulator said.
Clients with deposits above that amount will have to wait for the bank’s liquidation to find out if they will get their money back, FINMA added.
The Swiss bank had already ceased operations and committed to voluntary liquidation.
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