The Fortuna Bank, one of Luxembourg's smallest banks, has informed its clients over its imminent withdrawal from financial activities.
The cooperative society, which was founded in 1920, has struck a deal with the Spuerkeess bank to take on its existing customers, according to a statement published on Monday morning.
Customers affected by the change will be contacted over the next few weeks. The changeover is described as a simplified process for customers wishing to proceed with the switch.
Fortuna Bank ended 2021 with a net profit of 7.7 million euros after the sale of two historic buildings. In April 2022, Cyril Lamorlette took over the post of CEO, with Jean-Louis Camuzat heading up the bank's management.
In 2018, the Lebanese "Bank of Beirut" struck a cooperative accord with Fortuna Bank, which was cancelled after just two years due to the financial crisis in Lebanon. The bank has since struggled to find replacement shareholders, and posted three years of successive losses.
