Swiss regulator opens bankruptcy proceedings against FlowBank SA
13/06/2024 14:36
ZURICH, June 13 (Reuters) - Switzerland's financial
regulator on Thursday said it had opened bankruptcy proceedings
against the Swiss financial institution FlowBank SA.
"This measure became necessary as the bank no longer has the
minimum capital required for its business operations," the
regulator, FINMA, said in a statement.
"There are also fears that the bank is over-indebted."
The digital bank FlowBank was founded by Charles Henri Sabet
in 2020 and was headquartered in Geneva.
(Reporting by Noele Illien; Editing by Matthias Williams)
((Noele.Illien@thomsonreuters.com; +41 41 528 39 73;))