ZURICH (Reuters) - Falcon Private Bank Chief Executive Walter Berchtold has left the Swiss bank and been replaced by board member Martin Keller, while Chairman Christian Wenger is also stepping down, Falcon said on Wednesday.
It caps a short tenure for Berchtold, a former executive at Credit Suisse who took the job as CEO at Falcon almost exactly a year ago, as Falcon grappled with the Malaysian corruption scandal surrounding the troubled 1MDB fund.
In relation to 1MDB, the Monetary Authority of Singapore in October ordered Zurich-based Falcon’s Singapore branch to cease operating because of “a persistent and severe lack of understanding” of Singapore’s money-laundering controls.
Keller has been a member of Falcon’s board of directors since March and was most recently CEO of asset management for Europe, Middle East and Africa at Credit Suisse.
Chairman Christian Wenger is also stepping down and Falcon, owned by Middle Eastern investment firm Aabar Investments, said it would announce his successor “in due course”.
“Walter Berchtold and Christian Wenger have been vital in repositioning the bank,” Keller said in a statement.
“Now we can build on their work and seize very attractive opportunities, such as leveraging digital technologies for wealth management and providing bespoke solutions for our clients.”
Reporting by Oliver Hirt and Joshua Franklin; Editing by Michael Shields, Greg Mahlich