September 18, 2017 / 9:08 AM / a year ago

Switzerland's Falcon Private Bank names Grassi to be new chairman

ZURICH, Sept 18 (Reuters) - Switzerland’s Falcon Private Bank named Roberto Grassi as its new chairman on Monday, replacing Christian Wenger whose departure was announced this month.

Falcon, owned by Middle Eastern investment firm Aabar Investments, said in a statement Grassi was elected at an extraordinary meeting of shareholders.

Grassi has been chief executive of Lugano-based consulting firm Fidinam Group since 2001 and has served as deputy chairman of Banca Stato Cantone Ticino, Falcon said in a statement.

The appointment completes changes to the top two positions at the Zurich-based bank after CEO Walter Berchtold left Falcon this month. At the time of Berchtold’s replacement by board member Martin Keller, Falcon also said Wenger would step down as chairman.

Falcon has grappled with the Malaysian corruption scandal surrounding the troubled 1MDB fund. In connection with the 1MDB case, the Monetary Authority of Singapore ordered Falcon’s Singapore branch to cease operating. (Reporting by Joshua Franklin; Editing by Keith Weir)

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