Professionals

10 July 2009

By judgement delivered on 8 July 2009, the Luxembourg district court (tribunal d’arrondissement de et à Luxembourg) sitting in commercial matters, ratified the restructuring plan drawn up by the administrators of Kaupthing Bank Luxembourg S.A., which was placed under the regime of suspension of payments on 9 October 2008.

This plan provides for the split of Kaupthing Bank Luxembourg S.A. into two new entities. One of these entities, Banque Havilland S.A., will undertake banking activities.

Depositors at the Belgian branch of Kaupthing Bank Luxembourg S.A. will be able to access their deposits either with Crédit Agricole S.A., or Keytrade Bank S.A., depending on the type of their deposit.

Depositors at the Swiss branch of Kaupthing Bank Luxembourg S.A. will be able to recover their assets from the liquidators of the Swiss branch, Lionel Aeschlimann and Vincent Jeanneret of the law firm Schellenberg Wittmer.

Direct deposits with Kaupthing Bank Luxembourg S.A. are being taken over by Banque Havilland S.A. which will commence its activities on 13 July 2009.