Falcon Private Bank, which is being wound down, has found a buyer for the business with funds, according to information obtained by finews.com.

Falcon Private Bank has agreed to sell its Luxembourg-based funds unit to Alpina Capital, a wealth manager domiciled in Zug. A spokesperson for Falcon confirmed the information to finews.com.

The buyer will integrate the Falcon Fund Management (Luxembourg) and the staff based in the grand duchy into its business. The conclusion of the transaction, which is pending approval by the Luxembourg regulator, is expected for the fourth quarter 2020 and the price won’t be disclosed.

Private Banking Activities

The deal seals another step towards the winding down of the bank. The owners, the ruling family of Abu Dhabi, in May approved the decision to cease all banking activities.

The private bank suggested at the time that negotiations to sell the clients’ asset portfolios (worth some 10 billion Swiss francs) were at an advanced stage, a deal that would include the front office and unit. The buyer mooted was a rival Swiss private bank.