Falcon Group has named Christian Wenger as new chairman of the group as Lennart Blecher steps down from his role after 13 years.

The hire has been made alongside the appointment of three new members to the board of directors: Marc Bernegger, Martin Keller and Dominik Schärer.

Falcon Group’s restructuring comes after a trying year for the bank. It was stripped of its licence to operate as a bank in Singapore and lost its Asian branch in connection with the 1MDB scandal for a serious breach of anti-money laundering regulations.

All in all, the group recorded a loss of CHF 128 million over the course of the 2016 financial year and received a capital contribution from its shareholder Aabar Investments to compensate for the loss.

In response, the group had built a liquidity cushion of around 140% by the end of January 2017 and a capital adequacy ratio of more than 20%.

Alongside financial restructuring, Falcon Group has moved to strengthen compliance and risk framework in order to keep in line with Finma requirements.

New board members

Bernegger is a fintech expert who launched the well-known start-up Amiando.

New board member Keller has experience running global finance businesses with a focus on asset management, private wealth management and capital markets.

Third new appointment Schärer was chairman of Merrill Lynch Capital Markets in Zurich from 2007 to 2016.

Speaking about the new hires, CEO at Falcon Group Walter Berchtold said: ‘Our reputation and our financial stability are of utmost importance. With the completion of our financial restructuring and the derisking of our client book, we have laid the foundation for long-term success.’