One Swiss Bank has confirmed it acquired Switzerland-based Falcon Private Wealth for an undisclosed sum in November 2021.
In May 2020, International Adviser reported Falcon was looking to exit private banking and was in “advanced negotiations”, but a buyer was yet to be named.
The decision came years after Falcon was caught up in the scandal involving Malaysian sovereign wealth fund 1MDB.
One said it waited six months to announce the M&A deal “after taking time to set up the appropriate structure”.
As part of the acquisition, Falcon has rebranded to One Swiss Private Wealth (OSPW) and became a subsidiary of One Swiss Bank.
UAE
One has also opened an office in Dubai since Falcon, now OSPW, has served Middle Eastern clients for over 10 years.
OSPW will be based in the DIFC and regulated by the Dubai Financial Services Authority (DFSA).
The firm will provide portfolio management and advisory services to high net worth individuals and their families, family offices and institutional clients.
Grégoire Pennone, One Swiss Bank’s chief executive, said: “This local presence brings us closer to our clients in terms of geographical and cultural proximity and help us to provide them with bespoke investment solutions.
“We are one of the few Swiss private banks that offer in-depth knowhow in the regional fixed income and equity market and provide direct access to the UAE stock market and new public offerings in the region with Lombard lending facilities.”
