Abu Dhabi Is Said to Revive Sale of 1MDB-Tarnished Falcon Assets - Bloomberg:
Abu Dhabi’s Mubadala Development Co. is reviving plans to sell Falcon Private Bank in Switzerland as it seeks to distance itself from the 1MDB money laundering scandal, according to people with knowledge of the matter.
The state-backed investment firm has invited bids for at least 5 billion francs ($5 billion) of assets managed by Zurich-based Falcon, the people said, asking not to be identified as the plans are private. The bank had held unsuccessful talks with potential buyers last year, people familiar with the matter said.
Mubadala is seeking to move past the 1MDB scandal after Falcon Bank’s Singapore unit was closed by regulators for failing to adequately flag $1.27 billion in suspicious deposits linked to the Malaysian government fund known as 1MDB. A branch manager in Singapore was also jailed as regulators and prosecutors investigated how banks were used to funnel corrupt money.
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