Falcon Private Bank's owner, Abu Dhabi, is taking a seat on the scandal-tarnished bank's board. The move comes less than a month after an new overseer from the emirate joined as operating chief.
The Zurich-based private bank said Matthew Hurn (pictured below) will join with immediate effect. The British banker has worked for Abu Dhabi sovereign wealth fund Mubadala, which owns Falcon, since 2008, most recently as finance chief for alternative and infrastructure investments.
The move, which comes after Falcon CEO Martin Keller was given an operating chief from Abu Dhabi last month, indicates that the emirate is worried about the bank's reinvention of itself. Falcon has variously struggled with high-profile exits and its capitalization since it was ensnared in the 1MDB scandal two years ago, as well as entertained interest from a potential buyer.
The bank's board is now constituted of ChairmanRoberto Grassi, vice-chairman Cyril Latroche and directors Marc Bernegger, Hurn and Dominik Schaerer. Last month, the bank said long-standing Mubadala executive Alastair Fiddes will join as operating chief – the bank's first since Tobias Unger left shortly after the 1MDB scandal surfaced.
