HALISTER1: Falcon Private Bank Reports CHF128m ’16 Loss Amid 1MDB Probes

Falcon Private Bank Reports CHF128m ’16 Loss Amid 1MDB Probes

(Bloomberg) -- Swiss private bank “decided to rigorously de-risk” its client list, incurring losses from valuation adjustments and illiquid positions, co. says in statement.
  • Co. took “relentless action” to address issues from the past and made progress in strengthening compliance and risk framework
  • Closure of Singapore branch contributed to expenses
  • Shareholder Aabar Investments granted bank capital to compensate for the full-year loss
  • NOTE: Swiss Attorney-General opened criminal proceedings against Falcon Private Bank in October
  • NOTE: Swiss, Singaporean regulators cracked down on banks linked to 1MDB corruption scandal

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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