On June 12, 2024, the Swiss Financial Markets Supervisory Authority (FINMA) declared FlowBank AG bankrupt and revoked its license as a bank and securities dealer. The bank’s business activities were suspended, and it is no longer authorized to conduct banking business or act as a securities dealer. Payments can no longer be made, and securities cannot be bought or sold without the consent of the liquidators.
The bankruptcy was deemed necessary by FINMA due to FlowBank’s lack of the minimum required capital for business operations. This action was taken to protect depositors. Customers deposits of up to 100,000 francs (around 104,000 euros) can be paid out in full, while securities deposits will be separated and refunded. FlowBank has over 22,000 customer accounts and a balance sheet total of approximately 680 million francs.
The liquidators are currently working on transfer modalities, and customers will be informed of the process as soon as possible. The situation is being closely monitored to ensure that customer assets are protected and handled appropriately during the bankruptcy proceedings.
