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Falcon Private Bank reshuffles board as two depart

Falcon Private Bank reshuffles board as two depart

Falcon Private Bank has appointed a new member to its board of directors as part of a deeper restructuring following the departure of two senior board members.

Cyril Latroche, who is currently part of the investment team at Aabar Investments PJS, has been elected as a new member of the board at the Swiss group.

He joins following the resignation of board members Murtadha Al Hashmi and HE Khaled Balama AlTameemi.

The moves come amid a complete remoulding of the board at the Swiss private bank, which named Christian Wenger as its new chairman in March 2017 as Lennart Blecher stepped down after 13 years in the role.

Along with the new leadership, the bank appointed three new members to the board of directors: Marc Bernegger, Martin Keller and Dominik Schärer.

Equipped with an entirely new board of directors, Falcon Group’s restructure comes after a trying year as it 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bank closed its Asian branch and was sanctioned by Swiss regulator Finma, which warned that its Swiss licence could be withdrawn if further breaches were to occur.

Commenting on the new hire, Wenger said: ‘Cyril Latroche will add valuable industry knowledge, especially in the investments area, to our Board of Directors.’

The new member of the board was previously head of asset management activities at Mubadala GE Capital, an Abu Dhabi-based joint venture between Mubadala Development Company and GE Capital.

In terms of new development, the bank has formed a strategic partnership with a Baar-based digital adviser, Move Digital, gaining access to its digital platform.

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