Falcon Private Bank has been granted an investment advisory license to offer its services to Abu Dhabi-based high net worth individuals.
The Swiss wealth management boutique was given the green light from The Securities & Commodities Authority in Abu Dhabi, to operate as Falcon Private Financial Advisory.
This will help further boost the bank’s expansion and growth plans in the Middle East, said a spokesperson in a statement.
Falcon Private Bank was sold to Abu Dhabi's Aabar Investments in 2009 for approximately US$308 million – including US$55 million to pay back its former parent AIG’s debts. Falcon now has assets under management of US$11 billion.
In its former life Falcon was the US$22 billion private banking arm of American International Group, the (at the time) triple-A-rated American insurance company. Then the financial crisis took a grip and within weeks it was being rescued by the US government with a US$182.5 billion bailout – the largest given during the financial crisis.