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Report: Abu Dhabi's Mubadala revives plans to sell Falcon Bank

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Report: Abu Dhabi's Mubadala revives plans to sell Falcon Bank

Abu Dhabi sovereign wealth fund Mubadala Development Co. PJSC is planning to sell Falcon Private Bank AG again, after investigations into the Swiss bank over alleged financial misconduct hampered a sale in 2018, Bloomberg News reported.

Mubadala is seeking bids for at least CHF5 billion of assets managed by the Swiss private bank, people with knowledge of the matter told Bloomberg.

In 2018, potential buyers were reluctant to pay for Falcon Private Bank, which in 2016 came under investigation in Switzerland for failing to flag suspected money laundering linked to Malaysian fund 1MDB. The bank's Singapore unit was closed due to the scandal.

A Falcon Private Bank spokesman did not comment on the plan but said that the company is focused on its existing strategy, Bloomberg said. Mubadala is also seeking damages from Goldman Sachs Group Inc. for its role in the scandal and recently stopped new business with the U.S. bank, according to the report.