Falcon Private Bank is responding to media reports of an imminent wind-down with assurances that it has options.
The Swiss wealth manager responded to a media report of its imminent closure with a public statement on Wednesday. The bank's board and top management are evaluating a series of options together with Aabar, the United Arab Emirates sovereign wealth fund which owns Falcon.
«One of those options includes exiting the private banking business,» Falcon said. The options are being considered in an orderly, controlled process, with a view to protecting stakeholder interests, the bank said.
The statement is a response to a media report on Tuesday claiming Falcon is days away from handing back its Swiss banking license to regulator Finma. When the bank emerged in the 1MDB graft scandal four years ago, the overseer imposed strict remedial measures, which haven't been fulfilled, according to the report.
