FNG Exclusive… FNG has learned that the liquidators of bankrupt Swiss neobank / neobroker FlowBank have been in contact with former clients of the company, encouraging them to sell any securities sitting in their accounts in order to expedite client refunds.
The liquidators, Swiss firm Walder Wyss, have enabled the customer area of the FlowBank website to enable clients to log in, and liquidate any securities in the account. Walder Wyss said they’re doing this as the transfer of securities directly to clients would prove to be a time-consuming and high-cost process, whereas the sale and transfer of cash is simpler and faster to accomplish.
In the note to clients, the liquidators said they encourage FlowBank clients to take advantage of this efficient solution to get their assets faster. Not taking action, said Walder Wyss, may result in additional delays.
FlowBank clients can complete the…
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