Falcon Private Bank Shut Down in Singapore
The Monetary Authority of Singapore has closed Falcon Private Bank, citing poor controls and conduct related to 1MDB. The bank will also have to pay a penalty of 4.3 million Singapore dollars for 14 breaches.
Falcon is the second bank to lose its license in connection with investigations into Malaysia’s 1MDB fund.
News Source: CNBC
About Falcon Private Bank
Falcon Private Bank is a Swiss private banking boutique with 50 years of expertise in wealth management. Founded in1965 as Ueberseebank, the bank was renamed AIG Private Bank in 1998. Following the change of ownership, the name Falcon Private Bank was launched in 2009 – owned by International Petroleum Investment Company (IPIC), one of the world’s leading sovereign wealth funds from Abu Dhabi. Falcon Private Bank provides services to private clients and wealthy families from its headquarters in Zurich, and its branches and representative offices in London, Singapore, Abu Dhabi, and Dubai.
- Origin : Zurich, Switzerland
- Assets : CHF 3.47 billion (2014)
- Revenue : –
- Employees : approx 300 (2014)
Official Website: www.falconpb.com
News & Media: Press Release
Updated on 8th August 2016