Announcement to the clients of FlowBank Ltd. in liquidation dated 12 July 2024
The liquidators would like to inform you that as of Friday, July 12th, you can request the transfer out of your securities in the FlowBank e-banking platform. Please note that the team will proceed with these transfer requests starting Monday, July 15th. Should you have any question regarding this process, please don’t hesitate to contact Customer Support by phone at +41 22 888 66 00.
Announcement to the clients of FlowBank Ltd. in liquidation dated 2 & 3 July 2024
The liquidators would like to inform you that requests for reimbursement of secured deposits can be made via the e-banking platform of FlowBank Ltd. in liquidation. The authentication system has been updated and now works as described in the link below:
Only clients who meet the following conditions can apply via the e-banking platform:
On the e-banking platform, clients are invited to mention a bank account they hold with another bank in order to receive their refund. A step-by-step guide to submitting a request through the e-banking platform can be found at the following link:
Other clients (joint accounts, corporation, domiciliary companies) are invited to request a reimbursement by sending an e-mail to project-liquidateurfb@walderwyss.com, providing full details of an account at another bank to which the refund is to be made. These requests have to be processed manually, and therefore require more time than an e-banking request.
Only the portion of each client’s total cash assets equal to or less than CHF 100,000 constitutes a secured deposit and will be reimbursed at this stage.
The liquidators wish to inform you that the structure of customer accounts at FlowBank Ltd in liquidation has been modified as part of the liquidation process. Each account now has several sub-accounts, as follows:
The former accounts held by certain client (.002, .003) remain visible, but their assets have been transferred to the above accounts.
To access these various sub-accounts, please click on the menu at the top of the screen on the e-banking platform and choose the sub-account of your choice, as described in the link below:
The liquidators would also like to inform you of the following points regarding attempted fraud committed in connection with the liquidation of Flowbank Ltd. in liquidation:
For FlowBank Ltd. in liquidation,
Walder Wyss Ltd.
Announcement to the clients of FlowBank Ltd. in liquidation dated 26 June 2024
The liquidators would like to inform you of the following points concerning the procedure for the reimbursement of the secured deposits:
From late afternoon on Thursday 27 June 2024, the e-banking platform of FlowBank Ltd. in liquidation will be reactivated in order to automate the procedure for the reimbursement of the secured deposits. You will be informed individually by email when the process is opened. The authentication system has been updated and will follow the new procedures explained in the following link.
Clients holding cash assets on an account with FlowBank Ltd. in liquidation will be asked to indicate their transfer instructions (in particular the bank details of the account to which the payment is to be made). Please note that only the total amount of each client's cash assets equal to or less than CHF 100,000 constitutes a secured deposit and will be reimbursed at this stage. Payment will therefore be made within a few days.
For FlowBank Ltd. in liquidation,
Walder Wyss Ltd.
Announcement to the clients of FlowBank Ltd. in liquidation dated 25 June 2024
The liquidators would like to inform you that you now have a “read-only” access to the e-banking platform of FlowBank Ltd. in liquidation (https://my.flowbank.com/). As a result, you are now able to view your account balance. In this context, we remind you that the following actions have been taken with effect as of the opening of bankruptcy of FlowBank Ltd. in liquidation, i.e. on 13 June 2024 at 8.00 a.m. (the Opening of the Bankruptcy):
Please note that subsequent changes may be necessary and that this will have an impact on the amounts displayed on the e-banking platform.
Further information will follow on Wednesday 26 June 2024 regarding the access to the platform for the payment of the secured deposits.
For FlowBank Ltd. in liquidation,
Walder Wyss Ltd.
Additional information for clients of Flowbank SA in liquidation as of June 21, 2024
The liquidators would like to inform clients of the following:
Additional information to clients of FlowBank Ltd. in liquidation as of 17 June 2024:
The liquidators inform you that the following actions have been taken with effect as of the opening of bankruptcy of FlowBank Ltd. in liquidation, i.e. on 13 June 2024 at 8.00 a.m. (the Opening of the Bankruptcy):
- closure of CFD positions on the Opening of the Bankruptcy;
- conversion of deposits in foreign currencies into Swiss francs (CHF) at the rates applicable at the Opening of the Bankruptcy.
The liquidators are currently working on the payment of secured deposits as soon as possible.
In the meantime, the liquidators draw your attention to the fact that no payment or transfers, including standing orders, can be made from your account FlowBank Ltd. in liquidation.
You are therefore invited to provide all your potential counterparties with the bank details of an account that you hold with another bank in order to receive your future payments.
For FlowBank Ltd. in liquidation,
Walder Wyss Ltd.
By decision of 12 June 2024, the Swiss Financial Market Supervisory Authority (FINMA) opened bankruptcy proceedings against FlowBank SA (the Bank) with effect from 13 June 2024 at 8:00 a.m. As a consequence, the FINMA withdrew the license of the Bank as bank and securities dealer.
The FINMA appointed Walder Wyss SA, succursale de Genève, 14 rue du Rhône, P.O Box, 1211 Geneva 3 as bankruptcy liquidators (the Liquidators). The place of jurisdiction for the bankruptcy is the Bank’s head office in Geneva.
The commercial activities of the Bank stopped at the opening of the bankruptcy. The Bank is no longer authorised to carry out banking transactions or to act as securities dealer. In this regard, all payments, purchases and sales of securities can not longer be made. The Bank and its governing bodies are strictly prohibited from carrying out any legal act without the approval of the Liquidators.
Client’s cash deposited with the Bank in Switzerland in an account opened in their name will be reimbursed in the short term up to a maximum amount of CHF 100,000 (one hundred thousand Swiss francs).
The Liquidators are currently preparing the repayment terms and conditions, which will be communicated to the clients as soon as possible.
Custody assets according to Article 16 of the Banking Act (such as shares, bonds, funds, certificates etc.) remain the property of the clients, do not form part of the bankrupt estate and will be transferred to them subject to any compensation or restrictions.
The Liquidators are currently preparing the modalities of transfer, which will be communicated to the clients as soon as possible.
All agreements between the Bank and its clients, such as contracts for differences, contracts linked to financial instruments and derivative contracts, are terminated with immediate effect.
Unless the Liquidators declare otherwise, contracts of duration (such as lease or leasing contracts) will not be taken over by the bankrupt estate.
The Liquidators will shortly be sending the Bank’s clients a circular describing the procedure for repayment of the secured deposits and the transfer of the custody assets.
For any additional information, the Liquidators invite the clients to refer to the website of the FINMA or to contact them by e-mail at the following address : project-liquidateurfb@walderwyss.com. A dedicated website and hotline will be available as soon as possible.
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For FlowBank SA in liquidation, Walder Wyss SA
