SWISS private bank Falcon Bank said in a statement on Tuesday morning that although the Monetary Authority of Singapore's withdrawal of Falcon Bank's Singapore banking licence was "regrettable and disappointing, the decision will not impact the strategic development of the bank".
"The bank will now focus again on growing our businesses in the core locations Switzerland, Middle East and London," said Walter Berchtold, chief executive officer of Falcon Private Bank.
Murtadha M al Hashmi, chairman of the bank's board, added that "Aabar, as shareholder of the bank, remains fully committed to supporting Falcon Private Bank on this future path".
- MAS shuts down Falcon Bank in Singapore, fines Falcon, DBS and UBS
- DBS says it "should have taken more rigorous action"
- UBS "disappointed" it did not do more to detect control lapses
- Swiss financial regulator raps Falcon Bank for breaches