The Abu Dhabi-owned wealth manager confirmed that a Swiss private bank is sniffing around its assets – and that is will shut down.
Without a buyer for its remaining client money, Falcon Private Bank cannot move forward with winding down. The Swiss-based bank on Monday confirmed that it is in advanced talks to sell those assets – roughly 10 billion Swiss francs ($10.3 billion) – to an unnamed Swiss private bank.
«After a strategic review and evaluating various options, we have concluded that, especially in the current environment, the controlled cessation of Falcon’s banking activities is the best way to protect the interests of our stakeholders,» Falcon Chairman Roberto Grassi said.
Falcon said it will stop its banking activities sometime next year, maintaining its obligations towards its clients and stakeholders. The bank said it is committed to a fair social plan for its 180 remaining employees.
