The Luxembourgian remains of the bankrupt Icelandic bank Kaupthing have been restructured and the bank has re-opened as Banque Havilland.

Banque Havilland is owned by the UK-based Rowland family, whose wealth has been estimated at around £600 million ($974 million). The new Luxembourg-based entity will offer private banking, wealth management and asset management for both new and existing clients; it aims to attract high net worth individuals in Europe, the Middle East and Asia, the bank said in a statement.

Being its first banking project, the Rowland family hopes that purchasing a bank with an existing operating infrastructure and experienced wealth management, private banking and asset management teams, will allow them to realise their business strategy, the statement continued.

Ending nine months of uncertainty about the bank’s fate, Jonathan Rowland told the Daily Telegraph that roughly €200 million will be invested into the new bank – news which must bring great relief to Kaupthing Luxembourg’s estimated 30,000 depositors.

Earlier this year, French bank Credit Agricole acquired 5,000 private banking accounts from the Luxembourg arm of Kaupthing; it was also agreed that Keytrade Bank, Credit Agricole’s internet bank, would acquire Kaupthing’s 16,000 Belgian online banking clients. 

Accounts held at Kaupthing Luxembourg were frozen in November 2008 after the Icelandic government took over its parent, Kaupthing Bank, in October. The UK authorities placed the bank’s UK subsidiary, Kaupthing Singer & Friedlander, into administration the day before Reykjavik took control of Kaupthing.