SINGAPORE (Oct 11): Falcon Bank has issued a statement saying it is “confident about its future” after today’s earlier announcement of the Monetary Authority of Singapore’s (MAS) decision to withdraw the merchant bank status of Falcon Bank’s Singapore branch. “Falcon Private Bank welcomes the completion of the regulators’ investigations about its involvement in the 1MDB case and takes notice of the decisions,” says the Swiss private banking boutique in a Tuesday statement. “Falcon Private Bank adheres to all rules and regulations, is well capitalised, enjoys a strong balance sheet and the full support of our shareholder Aabar,” says Falcon Private Bank’s CEO, Walter Berchtold. “Aabar, as shareholder of the bank, remains fully committed to supporting Falcon Private Bank on this future path,” declares Murtadha M. al Hashmi, chairman of the bank’s board of directors. Falcon Private Bank is owned by Aabar Investments PJS, a subsidiary of Abu Dhabi’s sovereign wealth fund International Petroleum Investment Company (IPIC).

Source: The Edge Markets October 11, 2016 04:52 UTC