Legal

Falcon Private Bank Gains Abu Dhabi Licence

Tara Loader Wilkinson, Editor Asia, 28 August 2012

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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.

Last month Eduardo Leemann, chief executive of Falcon Private Bank, told WealthBriefingAsia about his growth plans in Asia and the Middle East in an exclusive interview here

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