Bankruptcy proceedings against FlowBank

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"FINMA took its first enforcement action against FlowBank SA in October 2021", wow, I should make a bot that scans for these, I applied for an account in 2022 as far as I remember and had no idea this was going on at the time.
 

Informations to the clients of the Bank​

The Liquidators will shortly be sending the Bank's clients a circular describing the procedure for repayment of the secured deposits and the transfer of the custody assets.

Does this include crypto asset held at FlowBank?
 
diatessaron said:
diatessaron said:
"FINMA took its first enforcement action against FlowBank SA in October 2021", wow, I should make a bot that scans for these, I applied for an account in 2022 as far as I remember and had no idea this was going on at the time.
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Well...it happened yesterday 🙄

I've been with them for a while, and they have been great to me. Third-party deposits & wires allowed etc. etc

They helped me out a lot! 😉
Welcome email.png



but today, when I tried to sign in, the app showed this:

1718289345110.png



smi(&%

Well, I will get my money (I hope). It's less than CHF 100K anyway.
1718289419011.png



I presume the stocks are all there. I had about CHF 3K in crypto, but it was all profit, so I'm OK with that! (I don't f*ck with exchanges, but when banks and brokers I have accounts with try to introduce me to a product, I build a relationship with them by allowing them to "sell" me an entry-level position. I don't tell them to go f*ck themselves. That's NOT helpful. I look at their sale as the "cost of doing business.") 😉

I'll miss them! They were great to me!

Oh well, C'est la vie! 😉
 
jafo said:
jafo said:
Well...it happened yesterday 🙄

I've been with them for a while, and they have been great to me. Third-party deposits & wires allowed etc. etc

They helped me out a lot! 😉
View attachment 7015

but today, when I tried to sign in, the app showed this:

View attachment 7016

smi(&%

Well, I will get my money (I hope). It's less than CHF 100K anyway.
View attachment 7017

I presume the stocks are all there. I had about CHF 3K in crypto, but it was all profit, so I'm OK with that! (I don't f*ck with exchanges, but when banks and brokers I have accounts with try to introduce me to a product, I build a relationship with them by allowing them to "sell" me an entry-level position. I don't tell them to go f*ck themselves. That's NOT helpful. I look at their sale as the "cost of doing business.") 😉

I'll miss them! They were great to me!

Oh well, C'est la vie! 😉
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What do you think will happen to your 3k in crypto ?
 
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The bank has total assets of approximately CHF 680 million, holds over 22,000 client accounts and employs around 140 staff worldwide.
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140 people to manage just 680m CHF????

Lol....and they wonder why they went bankrupt 🙄.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.
 
Martin Everson said:
Martin Everson said:
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The bank has total assets of approximately CHF 680 million, holds over 22,000 client accounts and employs around 140 staff worldwide.
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140 people to manage just 680m CHF????

Lol....and they wonder why they went bankrupt 🙄.
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They weren't really managing the funds in the way one might expect from a Swiss bank. It was mainly a trading platform. Without knowing the full picture, I'd still feel pretty confident guessing the vast majority of those funds were securities and otherwise self-managed money. They were basically a Swissquote clone.

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This is the probably the answer to your question.
 
That makes it worse then. How much can one make on 640m CHF in such assets to pay salaries of 140 people? Back in day some Swiss banks were earning like 20-80bps on client assets at best.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.
 
He will be in line after liquidator pays himself a nice fat Swiss salary. Hopefully process will be quicker than EPB smi(&%.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.
 
Sols said:
Sols said:
They weren't really managing the funds in the way one might expect from a Swiss bank. It was mainly a trading platform. Without knowing the full picture, I'd still feel pretty confident guessing the vast majority of those funds were securities and otherwise self-managed money. They were basically a Swissquote clone.
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@Sols & @Martin Everson ,

Assuming you do use something, what do you use to periodically monitor the financial health of certain banks & brokers?

Thanks!
 
jafo said:
jafo said:
Assuming you do use something, what do you use to periodically monitor the financial health of certain banks & brokers?
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I am with too many banks to monitor. I just rely ring fencing of any securities. Hence if banks collapses it is of no consequence to me whatsoever.

P.S Flow Bank - Swiss banking at its finest....lol.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.
 
Martin Everson said:
Martin Everson said:
Lol.....

https://www.glassdoor.com/Reviews/FlowBank-Reviews-E3624869.htm
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Well, how can one offer Swiss salaries when employing 140 individuals for that asset size?

It does not make so much sense. What would have these people even been doing all day?

680M in cash - maybe you can work with that. But in securities? You can't monetize that - it belongs to the account owner and they could work with it on their own/manage it themselves. At least with cash, the bank can lend it, low risk MMF, bonds whatever - all would probably be more profitable than this.
 
But one very important lesson we learn from here is that even when swiss bank goes bankrupt, finma protects you and you get all your money back. That's the beauty of swiss banking.
 
Sols said:
Sols said:
Well, that didn't last long.

Hope everyone gets their funds out safely.
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Were there signs that one could have seen to predict that this was going to happen?

Besides the 1. bad reviews on Glassdoor, 2. the owner had some "shady" businesses in the past (CFD brokers etc), and the fact that the bank was foreign-owned and not fully Swiss.
 
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