Sunday 18 July 2021
Geneva-based One Swiss Bank has purchased Falcon Private Wealth in Dubai, a subsidiary of Falcon Private Limited.
One Swiss said the subsidiary, which has USD 500 million in assets under management (AUM) and 12 employees, will allow it to offer domestic and international wealth management services to clients in the United Arab Emirates.
The bank said its acquisition demonstrates its confidence in the region’s growth and economic stability as well as in the future of the UAE as a regional and international center of business.
In 2020, Falcon announced it was winding down and transferring all of its assets to One Swiss Bank, after a volatile few years in which it was embroiled in the Malaysian 1MDB scandal.