Founded in 1920, Fortuna Bank recently announced in a press release it will “progressively cease its banking operations”. Customers will be contacted over the next few weeks to join state savings bank Spuerkeess.
“This dedicated onboarding solution implemented by Spuerkeess will allow Fortuna Bank's customers to benefit from the expertise and strength of a leading banking partner in the Luxembourg financial market.” commented Fortuna Bank Board of Directors Chairman André Poorters.
Fortuna Bank has long been looking for a strong partner/shareholder to increase in business volume. Although English expert in European credit Chenavari submitted a takeover bid in 2018 , the offer was declined to the benefit of Bank of Beirut. Following the onset of the financial crisis in Lebanon, Fortuna Bank decided to bring Chenavari back on the table. The board of directors accepted the offer (at lower conditions though) before dropping it in the midst of the Covid crisis, given the length of the legal proceedings.
Despite these unfortunate setbacks, Fortuna Bank announced “continuing discussions with potential partners established in Luxembourg” during its General Meeting last March - without ever reaching a strong agreement.
Although she deplored an institution with such a great tradition in the Luxembourg financial market has decided to cease its banking operations, Spuerkeess General Manager Françoise Thoma underlined that the state savings bank “is pleased to be able to welcome Fortuna Bank's customers”.
Publié le 08 août 2022