Falcon private bank ltd annual report

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Falcon Private Bank discontinues UK operations, sells assets to Dolfin Financial

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Falcon Private Bank discontinues UK operations, sells assets to Dolfin Financial

• Author Ramon Francisco Velez
• Theme Banking

Falcon Private Bank AG discontinued its U.K. operations and is selling the assets of London-based Falcon Private Wealth Ltd. to Dolfin Financial (UK) Ltd. for an undisclosed amount.

The transaction, expected to close by May, is an effort by Falcon to focus on select markets and concentrate on its main platforms in Zurich and Dubai.

Dolfin will retain existing relationship managers and will take over the wealth management activities of Falcon Private Wealth once the transaction is completed. Falcon will continue to provide custodian services to its U.K. clients.

Falcon Private Bank is owned by Abu Dhabi's International Petroleum Investment Co. through Aabar Investments PJS.