October 11, 2016 / 6:48 AM / in 3 years

Falcon Private Bank not being sold at moment: CEO

ZURICH (Reuters) - Abu Dhabi investor Aabar is at this time not divesting Zurch-based Falcon Private Bank, the chief executive of the Swiss wealth manager said on Tuesday.

“At this moment in time, Aabar is not selling the bank,” Falcon Chief Executive Walter Berchtold told a media briefing in Zurich.

He was speaking after Singapore’s central bank shut down Falcon’s local branch and Switzerland’s financial watchdog ordered it to turn over what it called illegal profits linked to scandal-hit Malaysian sovereign fund 1MDB.

Reporting by Joshua Franklin, Editing by Michael Shields

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