x Abu Dhabi, UAE Friday 21 July 2017

Falcon Private Bank swoops on Private Bank Zurich

Falcon Private Bank, which is owned by Abu Dhabi investment fund Aabar, yesterday said it acquired the Central and Eastern Europe wealth management activities of Hyposwiss Private Bank Zurich for an undisclosed sum, as the Swiss boutique firm continues to expand through acquisitions.

Falcon Private Bank, which is owned by the Abu Dhabi investment fund Aabar, yesterday said that it had acquired the Central and Eastern Europe wealth management activities of Hyposwiss Private Bank Zurich for an undisclosed sum.

Zurich-based Falcon said that it expected the acquisition to be closed in the third quarter.

Hyposwiss is a wholly owned subsidiary of St GallerKantonalbank.

"The acquisition … is a perfect strategic match in terms of business model, client segment and key markets, and we look forward to broadening our global footprint in Eastern Europe and sharpening our emerging market focus together with our new colleagues," said Eduardo Leemann, Falcon's chief executive.

Last year, Falcon purchased the London-based part of Clariden Leu, a subsidiary of Credit Suisse, adding clients with more than 2 billion Swiss francs (Dh7.76bn) in assets under management in emerging markets including Eastern Europe, the Middle East and Africa.

Targeting very rich individuals and families, Falcon has offices in Geneva, Abu Dhabi, Dubai, Hong Kong and Singapore.

The wealth manager was owned by American International Group until it was sold to Aabar in 2009. In 2011, Falcon increased assets under management in the Middle East to US$1bn.

Meanwhile in the banking world, lenders face new calls from global regulators to bolster safeguards against money laundering and terrorist financing.

The Basel Committee on Banking Supervision said it was seeking views on proposals for "sound risk management guidelines to combat money laundering and financing of terrorism".

The deadline for comments is September 27, the group said.

"The committee has a long-standing commitment to promote the implementation of sound policies and procedures related to anti-money laundering and countering the financing of terrorism.

"These are important safeguards in protecting the safety and soundness of banks and the integrity of the international financial system," it said.

* agencies