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The Zurich Falcon Private Bank could still inform its employees on Monday about how finews.ch investigated However, this requires a solution for the client’s remaining funds.
On Monday (today), the Falcon Private Bank is expected to inform its approximately 180 employees about the institute’s prosecution. This has finews.ch I learned from a process expert at the private bank. However, a precondition for prosecution is that the private bank owned by the ruling family of the Emirate of Abu Dhabi has found a solution for the nearly 10 trillion Swiss francs in client funds. This is a prerequisite for liquidation and a social plan for employees.
A bank spokesman declined to comment on this. Two weeks ago, Falcon reported on media speculation that the company is reviewing various options, including a withdrawal from private banking. The media said Finma wanted Falcon to withdraw his banking license.
Long search for buyers
After the Zurich private bank’s serious involvement in the corruption scandal surrounding Malaysia’s sovereign wealth fund 1MDB, the institute had suffered losses in 2016, 2017 and 2018; Various management changes, Abu Dhabi owner’s fresh money, and crypto repositioning failed to achieve the desired turnaround.
According to reports, Falcon’s latest act could drag on: the sale of clients’ wallets should take up to two years.
Will UBS and Credit Suisse merge after the Corona crisis?
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Credit Suisse will swallow UBS.
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No, both banks will remain independent in five years.
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