A close friend of Swiss investor Tito Tettamanti has been chosen to assume the chairmanship at Falcon Private Bank, following in the footsteps of Christian Wenger.
Falcon Private Bank appointed Roberto Grassi as head of the supervisory board, the company said in a statement today. The company, which is controlled by the rulers of Abu Dhabi, had to find a successor to Christian Wenger, who departed last week.
Grassi is a well-connected financial-market from Switzerland’s southern-most region of Ticino. He is also the CEO of Fidinam Group, a consultancy controlled by Tito Tettamanti. Grassi earlier in his career was on the board of Ticino’s cantonal bank and also acted as its vice-chairman.
Grassi is an expert in the raw materials trading and member of the canton’s chamber of commerce.
The Falcon Board
The following are members of Falcon Private Bank’s board: Roberto Grassi (chairman), Cyril Latroche (deputy), Marc P. Bernegger and Dominik Schaerer.
Falcon, which has been affected by a loss of reputation following its involvement in the 1MDB scandal, suffered a setback in its attempt to put the bank back on track, when CEO Walter Berchtold and board member Arthur Vayloyan departed the company due to differences of opinion. Wenger’s decision to leave the bank also may have been linked to these resignations.
