Switzerland’s financial regulator FINMA has initiated enforcement proceedings against Banque Privée Espírito Santo, a Swiss private bank owned by Portugal’s bailed-out Banco Espirito Santo.
FINMA said it was investigating the role of Banque Privée Espírito Santo in the distribution of securities and financial products of one of the family companies.
The enforcement proceedings will examine the role played by the bank, which is undergoing voluntary liquidation, in the distribution of securities and financial products of the Espirito Santo Group and whether breaches of supervisory law occurred.
The influence of the owners of the bank on procedures in Switzerland will also be examined, the regulator said.
FINMA has appointed an independent third party to clarify the circumstances surrounding these issues.
FINMA declined to give further details on the ongoing enforcement proceedings.
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