Falcon Private Bank has decided to discontinue its UK operations and sell the assets of its London-based subsidiary, Falcon Private Wealth Ltd, to Dolfin Financial (UK) Ltd.
The private bank is implementing its strategic plan and focusing on select markets and growth initiatives, with further concentration on the main platforms in Zurich and Dubai.
Dolfin has agreed to take over the wealth management activities of Falcon Private Wealth and acquire the corresponding assets.
Falcon Private Bank will continue to provide custodian services to its UK clients.
The transaction is expected to close in May 2019 at the latest.
Martin Keller, CEO at Falcon Private Bank, said: “We are focused on the delivery of our strategic priorities.
“While I regret our withdrawal from the UK market, this is the right step for Falcon to take.
“I am pleased about this agreement with Dolfin, a highly reputable wealth management firm that will guarantee the same exceptional service for our UK clients.”
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