Swiss bank Flowbank goes bankrupt
FlowBank SA, a Swiss bank, has encountered financial difficulties. On June 13, 2024, the Swiss Financial Market Supervisory Authority (FINMA) initiated bankruptcy proceedings against FlowBank SA due to severe breaches of capital requirements and other supervisory laws. The bank’s minimum capital requirements were significantly and seriously breached, leading to concerns about over-indebtedness. As part of the bankruptcy process, depositors’ privileged …