Regulators are forcing the Geneva based online bank – Flowbank – into bankruptcy.
Finma says the bank no longer has the necessary capital to continue trading – but the bank disagrees.
In a press release the regulators says the minimum capital requirements, which has to be respected at all times, have been seriously breached.
The bank says it has deposited the necessary funds into a consignment account with another bank and has been waiting for Finma to approve the capital increase.
Liquidators will return assets up to CHF 100,000 to depositors.
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