FlowBank Reimburses 91% of Deposits, Manages CHF 360 Million in Assets

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FlowBank Ltd. is making progress in its liquidation
process, with steps taken to repay creditors and clients. As of
November 30, 2024, the bank has repaid CHF 49.7 million, covering 91.3% of
secured deposits. However, 2,609 customers have yet to claim their deposits.

The transfer and sale of securities are progressing, with
27,981 out of 39,640 lines successfully transferred or sold. The bank offers
clients a platform to sell securities, with cash transfers available in EUR or
CHF.

FlowBank Seeks Buyers for Stake

As of October 31, 2024, FlowBank’s asset inventory is valued
at approximately CHF 360 million, including deposits with the Swiss National
Bank and other banks. The liquidation team is also looking for buyers for the
bank’s stake in London Capital Group.

Plans are in place for decommissioning IT infrastructure,
with a target completion date of mid-2025. Efforts to return assets to clients
continue, while office leases and employee contracts are being managed.

This article was written by Tareq Sikder at www.financemagnates.com.

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