ABU DHABI Oct 11 Abu Dhabi investment firm
Aabar Investments said on Tuesday it was fully
behind its Falcon Private Bank unit after it was sanctioned in
relation to the scandal-hit Malaysian state investment fund 1MDB
"Aabar Investments PJS ("Aabar") reconfirms its full
commitment and support for the bank," Aabar said in a statement.
"Aabar views the bank as a strategic investment and has no
current intention to sell." Falcon was fully acquired by Aabar
Investments in 2009.
The Monetary Authority of Singapore (MAS) on Tuesday said it
had ordered Zurich-based Falcon Private Bank's Singapore branch
to cease operating because of "a persistent and severe lack of
understanding" of Singapore's money-laundering controls.
In Zurich, the Financial Market Supervisory Authority
(FINMA) ordered Falcon to turn over 2.5 million Swiss francs
($2.56 million) in what the watchdog said were illegal profits.
(Reporting by Stanley Carvalho; Writing by David French;
Editing by Adrian Croft)