* Private bank Falcon says not for sale after media report
* Says has not held talks with Geneva-based Heritage on sale
(Adds comment from InsideParadeplatz owner)
ZURICH Oct 5 Switzerland's Falcon Private Bank
is not up for sale, the bank said on Wednesday, knocking down a
media report its new chief executive is under pressure to find a
buyer days into the job.
"Falcon Private Bank is not and was not for sale," the
Zurich-based bank, owned by Abu Dhabi sovereign wealth fund
International Petroleum Investment Co (IPIC), said in
Swiss finance blog InsideParadeplatz on Wednesday reported
its owners had given Chief Executive Walter Berchtold, in the
job since Oct. 1, a directive to sell the bank.
The report cited Geneva-based Banque Heritage as a possible
buyer. Falcon said it had never held talks with Heritage over a
Banque Heritage was not immediately available for comment
through an external communications representative.
InsideParadeplatz's author, Lukas Haessig, said he is standing
by the story.
Falcon is under scrutiny in Singapore after the central bank
disclosed in late July that an on-site inspection of the group
in April 2016 found "substantial breaches" of anti-money
Singapore said Falcon's management of key client
relationships were done from the bank's head office in
Switzerland and that the examination was still ongoing.
The inspection was part of Singapore's money laundering
probe linked to Malaysian state fund 1Malaysia Development Bhd
(1MDB), under which the central bank has questioned several
banks since last year.
Falcon owner IPIC is currently merging with fellow Abu
Dhabi-owned investment fund Mubadala, as the emirate
aims to consolidate in response to lower oil prices.
(Reporting by Brenna Hughes Neghaiwi and Oliver Hirt; Editing
by Adrian Croft)