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The Luxembourg Commercial Court (Tribunal de Commerce de Luxembourg) has decided on Thursday, March 8 to refuse the request to place ABLV Bank Luxembourg, S.A. in liquidation. The Commission de Surveillance du Secteur Financier (CSSF) will terminate its activity as the temporary administrator of ABLV Bank Luxembourg, S.A.
The court has appointed two external administrators which will work at the bank during the following six months until the bank finds new investors. With the decision of the Luxembourg court, the bank stays under the protection of the suspension-of-payments status. We believe that this new ruling is the best possible outcome and good news for ABLV Bank Luxembourg, S.A. clients and staff providing the time necessary to explore the optimal solutions...
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