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Falcon PB's private banking head exits amid deep restructure

Falcon PB's private banking head exits amid deep restructure

The global head of private banking at Falcon Private Bank, Erich Pfister, is leaving the group with immediate effect.

This announcement comes just days after the resignation of two senior board members, Murtadha Al Hashmi and HE Khaled Balama AlTameemi.

Pfister held the role of head of global private banking at the Swiss group for just over two years, having previously spent 18 years at Credit Suisse in various positions as manging director.

Speaking to Citywire Switzerland, a spokesperson for Falcon PB said Pfister resigned to seek out other opportunities.

In light of this, the firm's current CEO, Walter Berchtold, will assume the responsibilities of head of private banking on an interim basis before someone else is appointed to the role.

Pfister leaves at a time when the private bank is undergoing a deep restructure, having appointed an entirely new set of board members since the start of 2017.

The most recent to join the board was Cyril Latroche, who is currently part of the investment team at Aabar Investments PJS.

Growing movement within the bank comes after a trying year for Falcon Group, which was stripped of its licence to operate as a bank in Singapore in connection with the 1MDB scandal.

During the event, the bank closed its Asian branch and was sanctioned by Swiss regulator Finma, which warned that its Swiss licence could be withdrawn if further breaches were to occur.

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