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1MDB-hit Swiss bank Falcon posts $130 mln loss for 2016
March 23, 2017 / 11:19 AM / 9 months ago

1MDB-hit Swiss bank Falcon posts $130 mln loss for 2016

ZURICH, March 23 (Reuters) - Falcon Private Bank, one of the Swiss banks ensnared in the Malaysian corruption scandal surrounding the troubled 1MDB fund, lost 128 million Swiss francs ($130 million) last year, it said on Thursday.

The steep loss came on the back of efforts to cut risk and costs from the closure of its Singapore branch ordered in October by the Monetary Authority of Singapore (MAS) due to anti-money laundering failings in connection with 1MDB.

Malaysia’s 1MDB is the subject of money-laundering investigations in at least six countries, including Switzerland, Singapore and the United States.

Zurich-based Falcon said its owner, Middle Eastern investment firm Aabar Investments, had granted it a capital contribution to compensate for the loss and boost its capital base.

“I am confident that Falcon will develop positively on its way to achieving long-term growth,” new Chairman Christian Wenger said in a statement. “Aabar Investments, our shareholder, remains fully committed to supporting the group on its future path.”

$1 = 0.9924 Swiss francs Reporting by Joshua Franklin; Editing by Michael Shields

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