Faisal Private Bank was converted into a family office. The family office manages investments for a single family, with the capital of the firm based upon that family's own cash. The conversion was aimed to protect clients' and shareholders' interests and allow parent firm Ithmaar Bank to focus on its core retail and commercial business.
|Yes (up to 100 000 CHF per depositor)|
Deposit Guarantee Schemes compensate certain deposits held by depositors of a bank that becomes unable to meet its obligations.
All credit institutions operating in Switzerland are obliged to participate in Swiss deposit guarantee scheme.
In the case of FAISAL PRIVATE BANK (Switzerland) SA failure, eligible depositors having covered accounts in this bank will be paid out the following compensation:
|Eligible Depositors||private individuals, commercial enterprises and public-sector offices|
|Covered Accounts||credit balances (e.g. personal accounts, savings accounts, investment accounts, salary accounts, numbered accounts, deposit accounts and current accounts)|
|Maximum Protected Amount||100 000 CHF|
|Paid In Currency||CHF|