The financial sector labour union Aleba issued a statement on Wednesday 31 July 2024, addressing the potential of Banque Havilland’s banking licence in Luxembourg. Aleba reported having engaged with Banque Havilland staff to provide guidance amid concerns about a possible licence revocation by the European Central Bank (ECB) and Luxembourg’s Financial Sector Supervisory Commission (CSSF).

Aleba noted that neither the ECB nor the CSSF had commented on or confirmed this potential decision. Nonetheless, Aleba expressed significant concern about the impact on the 132 employees based in Luxembourg. The union called on current management to demonstrate social responsibility and offer strong support to these employees, who would be severely affected by such a development.

In its statement, Aleba assured it would continue to provide unconditional support and sound advice to all affected employees to safeguard their interests in this critical situation. The union also expressed disapproval and confusion, stating it was inconceivable that employees might once again suffer due to alleged regulatory non-compliance by some within the organisation.

These concerns follow the earlier on Monday 29 July, by Banque Havilland’s Liechtenstein subsidiary to renounce its banking licence. The Monaco subsidiary is reported to be in advanced talks for a takeover.

Delano has requested a comment from Banque Havilland.