ZURICH, March 23 Falcon Private Bank, one of the
Swiss banks ensnared in the Malaysian corruption scandal
surrounding the troubled 1MDB fund, lost 128 million Swiss
francs ($130 million) last year, it said on Thursday.
The steep loss came on the back of efforts to cut risk and
costs from the closure of its Singapore branch ordered in
October by the Monetary Authority of Singapore (MAS) due to
anti-money laundering failings in connection with 1MDB.
Malaysia's 1MDB is the subject of money-laundering
investigations in at least six countries, including Switzerland,
Singapore and the United States.
Zurich-based Falcon said its owner, Middle Eastern
investment firm Aabar Investments, had granted it a capital
contribution to compensate for the loss and boost its capital
"I am confident that Falcon will develop positively on its
way to achieving long-term growth," new Chairman Christian
Wenger said in a statement. "Aabar Investments, our shareholder,
remains fully committed to supporting the group on its future
($1 = 0.9924 Swiss francs)
(Reporting by Joshua Franklin; Editing by Michael Shields)