Falcon Private Bank Posts Loss for 2016
Falcon Private Bank has posted a 130 million loss in 2016. This loss came on efforts to cut risk and costs from the closure of its Singapore branch due to its poor anti-money laundering controls in connection with 1MDB.
“Falcon Private Bank has posted a 130 million loss in 2016.”
The owner of Falcon Private Bank, Middle Eastern investment firm Aabar Investments has granted a capital contribution to compensate the loss and increase its capital base.
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