Union Bank is shutting after failing to find a new anchor shareholder. The Liechtenstein-based wealth manager would in any have had to forego its banking license.
Vaduz-based Union Bank will shut down, it said in a statement on its website on Monday. The bank failed to meet capital requirements, or find a new backer to contribute the necessary funds to do so and was acceptable to Liechtenstein's financial regulator, FMA, it said.
«In recent months, the board of directors has intensively reviewed various options that would have permitted the continuation of operational banking activities under a new anchor shareholder and with a significantly higher capital base,» Union said. «It was not possible to renew the group of shareholders, although intensive negotiations were held with interested parties, some of which have also gone through the regulatory approval process.»
Returning Bank License
FMA in 2019 had opened a probe into Union Bank in connection with a case of suspected money laundering that the bank had voluntarily reported.
Newspaper «Liechtensteiner Vaterland» on Monday wrote that the probe wasn't concluded yet.
