Zurich-based Falcon Private Bank is mired in the scandal surrounding 1MDB, the state fund of Malaysia. The new CEO is making it his first priority to help clear up the problems the bank faces in Singapore.
Walter Berchtold officially will take office as CEO in October 2016. But the CEO elect of Falcon Private Bank is making it his first priority to travel to Singapore, Swiss business paper «Handelszeitung» reported. The trip is designed to help him get a clearer picture of the local branch.
The bank, which belongs to the rulers of Abu Dhabi, has become hemmed due to its involvement in the scandal surrounding the 1MDB fund in Singapore, according to the report in the newspaper, which has spoken to Berchtold.
Rumors, Arrests and Corruption
The report in «Handelszeitung» suggests earlier rumors were true that the financial market regulator of Singapore, MAS, banned Falcon from accepting any new business in the city state.
Falcon itself so far has neither confirmed nor denied the rumor. The bank's former chairman meanwhile was arrested in Abu Dhabi on suspicion of being a mastermind in the corruption affair.
Berchtold, who formerly ran Credit Suisse's private bank, told finews.ch upon his appointment as CEO: «We know more about this than you.»
