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Report: Sale process for Switzerland-based Falcon Private Bank to resume in Q3

The United Arab Emirates-based owners of Falcon Private Bank AG will resume the sale process for the Swiss bank in the third quarter, after indecision over what type of sale to pursue halted previous plans, finews.com reported Aug. 19, citing two people familiar with the matter.

Mubadala Development Co. PJSC is obliged to evaluate all options for the bank, which has been embroiled in ongoing money laundering investigations linked to Malaysian fund 1MDB, the newswire said.

Consulting firm Deloitte has been handling the bank's sale and has received certain offers for its assets and some of its activities, the people said. However, ongoing probes have adversely impacted the sale process, sources added.

The Swiss Federal Court reportedly ruled in April that Falcon must surrender "illegally generated profits" of CHF2.5 million linked to the 1MDB scandal.