SINGAPORE - Falcon Private Bank said on Tuesday (Oct 11) that it is "confident about its future" after Singapore's central bank announced its Singapore branch will be shut down for money laundering offences relating to troubled Malaysian investment fund 1MDB.
"Although the withdrawal of the Singapore banking licence is regrettable and disappointing, the decision will not impact the strategic development of the bank," said the statement from its Swiss head office.
Falcon Private Bank added it is working on an "orderly wind down of the Singapore operation" and is in "close contact with employees, clients and partners".
Mr Walter Berchtold, chief executive officer of Falcon Private Bank, said the merchant bank will now focus again on growing our businesses in the core locations of Switzerland, Middle East and London.
On the decision by the Monetary Authority of Singapore, he said: "We have been in close collaboration with the regulators and welcome that the 1MDB case has been closed with the regulators. Falcon Private Bank adheres to all rules and regulations, is well capitalised, enjoys a strong balance sheet and the full support of our shareholder Aabar."
Falcon Private Bank is owned by Abu Dhabi's sovereign wealth fund, International Petroleum Investment Company (IPIC). Aabar Investments PJS is a subsidiary of IPIC.