1MDB: Falcon CEO to Clean Up in Singapore

Walter Berchtold, Falcon Private Bank

Walter Berchtold, Falcon Private Bank

Walter Berchtold officially will take office as CEO in October 2016. But the CEO elect of Falcon Private Bank is making it his first priority to travel to Singapore, Swiss business paper «Handelszeitung» reported. The trip is designed to help him get a clearer picture of the local branch.

The bank, which belongs to the rulers of Abu Dhabi, has become hemmed due to its involvement in the scandal surrounding the 1MDB fund in Singapore, according to the report in the newspaper, which has spoken to Berchtold.

Rumors, Arrests and Corruption

The report in «Handelszeitung» suggests earlier rumors were true that the financial market regulator of Singapore, MAS, banned Falcon from accepting any new business in the city state.

Falcon itself so far has neither confirmed nor denied the rumor. The bank's former chairman meanwhile was arrested in Abu Dhabi on suspicion of being a mastermind in the corruption affair.

Berchtold, who formerly ran Credit Suisse's private bank, told finews.ch upon his appointment as CEO: «We know more about this than you.»

Compare my salary

Compare my salary

Feeling Underpaid? Benchmark your salary by job title, company and location. Find out where you stand in minutes.

compare my salary


Newsletter-SymbolFree Subscription

Subscribe to our free newsletter and receive daily email alerts from the finews editorial team with a list of the top featured articles.

Share with us

Do you have any market intelligence to share with finews.asia – email us on info@finews.asia – All communication is completely confidential and strictly anonymous.