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.”