Falcon Private Bank has announced it is transferring its client portfolio to ONE Swiss Bank as it continues its wind-down.

Expected to close in Q1 2021, this is a key milestone in Falcon's wind-down process announced in May 2020 with the aim to cease private banking activities in 2021.

The decision to shut Falcon came after an internal strategic review found its continued operation was untenable. There had also been press speculation that it may be stripped of its Swiss banking licence.

Falcon lost its Singaporean banking l...