The UK-based Rowland family yesterday launched the new Banque Havilland from the remains of the failed Icelandic bank Kaupthing Bank Luxembourg.
Banque Havilland, which is based in Luxembourg, is the family's first venture into banking and will focus on private banking and the wealth management for high net worth individuals in Europe, the Middle East and Asia. Jonathan Rowland, son of David Rowland who created the Rowland wealth, said of the deal: "It is one of the best transactions we've done. We've acquired a totally clean asset at the bottom of the market."
He explained Banque Havilland would be conservatively run and the family will invest roughly £173 million. The bank has total deposits worth €1.3 billion. The opening of the bank secures the future of approximately 30,000 depositors who faced uncertainty after the collapse of Kaupthing Luxembourg.
The family wealth, estimated to be around £630 million, is based on property and investment enterprises undertaken by David Rowland and includes the Blackfish Group, which specialises in investment management. Jonathan Rowland founded the internet investment group JellyWorks during the dotcom boom before selling it in 2000 and has made a significant contribution to growing the family wealth.