The planned closure of its Hong Kong branch, and retention of the Singapore branch as its private banking hub in Asia, was announced by the Zurich-based business yesterday after a strategic review.
Private banking group EFG International, also based in Zurich, has agreed to take on Falcon’s Hong Kong clients and some of the employees there.
Eduardo Leemann, chief executive of Falcon Private Bank, said the decision supported its strategic ambition to become “a leading emerging markets private bank focusing our business exclusively on markets where we have a sharp competitive edge”.
He added that EFG International was a strong, entrepreneurial and experienced global group that could ensure continuity of the best interests of its Hong Kong clients and staff.
Falcon Private Bank is owned by Aabar Investments PJS, the majority shareholder of which is the Abu Dhabi government’s International Petroleum Investment Company sovereign wealth fund. Other than Hong Kong and Singapore, it has branches and representative offices in Geneva, London, Abu Dhabi and Dubai.
Falcon Private Bank bought London based Clariden Leu (Europe) from Credit Suisse Group in 2012.
