Swiss wealth management boutique Falcon Private Bank announced 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.
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.
“Our strategic ambition is to become a leading emerging markets private bank focusing our business exclusively on markets where we have a sharp competitive edge”, according to Eduardo Leemann, Chief Executive Officer of Falcon Private Bank.