Falcon Private Bank flies away from UK nest
Zurich’s Falcon Private Bank has decided to leave the UK and sell the assets of its London-based subsidiary Falcon Private Wealth to Dolfin Financial (UK).
Wants to focus on Zurich and Dubai
According to the bank, this move is in line with its strategic priorities to focus on select markets. Financial details were not disclosed.
Before anyone gets in a flap, Falcon explains that it will continue to provide custodian services to its UK clients, whose wealth management needs will be served by Dolfin upon completion of the transaction.
Falcon CEO Martin Keller comments: “While I regret our withdrawal from the UK market, this is the right step for Falcon to take. I am pleased about this agreement with Dolfin, a highly reputable wealth management firm that will guarantee the same exceptional service for our UK clients.”
Falcon does not mention the dreaded Brexit word, but merely says it wants to focus on its main platforms in Zurich and Dubai.
Dolfin will retain the existing relationship managers. The transaction is expected to close in May 2019 at the latest.
In other news, last month the bank unleashed direct transfers of selected cryptocurrencies for both private and institutional clients.
Falcon, which offers banking on blockchain, says clients can directly move cryptocurrencies – Bitcoin, Bitcoin Cash, Ether and Litecoin – to and from segregated Falcon wallets, and convert them into fiat money. This new offering “makes blockchain assets fully bankable”.
