UPDATE 1-Falcon Private Bank signals wind down with client transfer talks - Reuters

UPDATE 1-Falcon Private Bank signals wind down with client transfer talks - Reuters:

Falcon Private Bank signalled its winding down on Monday, as the Swiss wealth manager involved in Malaysia’s 1MDB scandal said it was in advanced talks to transfer clients to another Swiss bank and exit private banking activities.

“We have concluded that, especially in the current environment, the controlled cessation of Falcon’s banking activities is the best way to protect the interests of our stakeholders,” its Chairman Roberto Grassi said in a statement.

Last month, Reuters reported that the private bank owned by Abu Dhabi state fund Mubadala Investment Company was preparing to go out of business.

“The exit from private banking activities will be a controlled and orderly process and performed in a socially responsible manner in close cooperation with the shareholder,” Falcon said, without naming the party involved in talks.