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SG branch closure contributes to Falcon PB’s US$130m loss in 2016

The logo of Switzerland’s Falcon Private Bank, owned by Abu Dhabi’s International Petroleum Investment Co (IPIC), is seen at its headquarters in Zurich, Switzerland October 5, 2016. REUTERS/Arnd Wiegmann

Expenses related to the closure of Falcon Private Bank’s Singapore branch last October contributed to the group’s losses for 2016, which totalled CHF128 million (US$130 million), according to a statement from the Swiss private bank. Falcon Group said that given the “unrealised losses on certain illiquid positions from legacy businesses… as well as all expenses related to the closing of…

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