ZURICH, Oct. 11, 2016 (GLOBE NEWSWIRE) — The Swiss Financial Market Supervisory Authority (FINMA) and the Monetary Authority of Singapore (MAS) have completed their investigations around Falcon Private Bank’s involvement in the 1MDB case and have notified the Bank about their decisions. Falcon Private Bank and its shareholder Aabar welcome the completion of the investigations, which finally resolves the 1MDB topic for the Bank with the regulators. With its committed staff, strong capital base and high liquidity ratio, Falcon Private Bank will now concentrate on further growing its franchise.
Falcon Private Bank welcomes the completion of the regulators’ investigations about its involvement in the 1MDB case and takes notice of the decisions. Following a constructive dialogue, this completion finally resolves the 1MDB topic for the Bank with the regulators.
Safeguarding the Bank’s reputation and the adherence to all laws, regulations and rules is of highest importance to Falcon Private Bank and its employees. Since 2013, the Bank has further enhanced its compliance, invested in additional resources as well as reviewed the organisational setup and relevant processes. Furthermore, based on the findings of the regulators, Falcon Private Bank has initiated additional measures to prevent future issues.
Although the withdrawal of the Singapore banking license is regrettable and disappointing, the decision will not impact the strategic development of the Bank. Falcon Private Bank is currently in close contact with employees, clients and partners and is committed to finding optimal solutions for all parties involved and guaranteeing an orderly wind down of the Singapore operation.
Walter Berchtold, Chief Executive Officer of Falcon Private Bank, on the decision: “We have been in close collaboration with the regulators and welcome that the 1MDB case has been closed with the regulators. Falcon Private Bank adheres to all rules and regulations, is well capitalised, enjoys a strong balance sheet and the full support of our shareholder Aabar. The Bank will now focus again on growing our businesses in the core locations Switzerland, Middle East and London. We are highly confident of our expertise to create a long-lasting, positive customer experience.”
Murtadha M. al Hashmi, Chairman of the Board of Directors, added: “I am pleased that the 1MDB chapter could be settled and very confident that the Bank will develop positively on its way to long term growth. Aabar, as shareholder of the Bank, remains fully committed to supporting Falcon Private Bank on this future path.”
Falcon Private Bank is a Swiss private banking boutique with 50 years of expertise in wealth management. We provide first-class financial services to private clients and wealthy families from our headquarters in Zurich and our locations in London, Singapore, Abu Dhabi and Dubai. Our clients benefit from an excellent investment competence, a unique access to opportunities in emerging markets, as well as from our financial strength and stability, which results from our Swiss heritage and our government-owned shareholder.
Media Release http://hugin.info/150857/R/2048103/765701.pdf