Press Release
Zurich, Switzerland and Hong Kong, January 6, 2014 - Swiss wealth management boutique Falcon Private Bank announced today that it has reached an agreement to introduce its clients and certain employees of its Hong Kong branch to EFG Bank, the Asia business of the international private banking group EFG International (EFG).
Following a strategic review Falcon Private Bank has decided to exit its Hong Kong private banking business and sharpen its emerging markets focus on the Middle East, Africa and Eastern Europe. The Hong Kong branch will be liquidated upon completion of this process. Falcon Private Bank's Singapore branch will continue serving as a private banking hub in Asia.
Eduardo Leemann, Chief Executive Officer of Falcon Private Bank says: "Today's announcement supports our strategic ambition to become a leading emerging markets private bank focusing our business exclusively on markets where we have a sharp competitive edge."
"In EFG we have found a strong, entrepreneurial and experienced global group that can ensure excellent service and continuity in the best interest of our Hong Kong clients and staff," Eduardo Leemann adds.
Albert Chiu, Chief Executive, EFG International, Asia commented: "We are looking forward to welcoming new clients and growing our business in Asia, alongside our new colleagues who share the same level of dedication and expertise."
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EFG BANK - The Asian operations of EFG Bank were established in 2000. Initially based in Hong Kong and Singapore, the business was profitable within a year and has grown rapidly to encompass a regional network also present in Shanghai, Taipei and Jakarta. EFG Bank is part of EFG International, a global private banking group offering private banking and asset management services, headquartered in Zurich. EFG International's group of private banking businesses currently operates in around 30 locations worldwide, with circa 2,000 employees. EFG International's registered shares (EFGN) are listed on the SIX Swiss Exchange. www.efgbank.com
FALCON PRIVATE BANK LTD. is an experienced Swiss private bank specialized in wealth management for private clients, wealthy families and institutional investors. Its clients all over the world enjoy the benefits of over 40 years of experience in Swiss private banking and the financial strength and solidity of its owner aabar Investments PJS. Falcon Private Bank has branches and representative offices in Geneva, London, Hong Kong, Singapore, Abu Dhabi and Dubai.www.falconpb.com
Media Contact:
Irene Franco
Falcon Private Bank Ltd.
Head of Communications, Media Relations
+41 44 227 57 32
irene.franco@falconpb.com
www.falconprivatebank.com
