Falcon Private Bank, which is owned by the Abu Dhabi investment fund Aabar, yesterday said that it had acquired the Central and Eastern Europe wealth management activities of Hyposwiss Private Bank Zurich for an undisclosed sum.
Zurich-based Falcon said that it expected the acquisition to be closed in the third quarter.
Hyposwiss is a wholly owned subsidiary of St GallerKantonalbank.
"The acquisition … is a perfect strategic match in terms of business model, client segment and key markets, and we look forward to broadening our global footprint in Eastern Europe and sharpening our emerging market focus together with our new colleagues," said Eduardo Leemann, Falcon's chief executive.
Last year, Falcon purchased the London-based part of Clariden Leu, a subsidiary of Credit Suisse, adding clients with more than 2 billion Swiss francs (Dh7.76bn) in assets under management in emerging markets including Eastern Europe, the Middle East and Africa.
Targeting very rich individuals and families, Falcon has offices in Geneva, Abu Dhabi, Dubai, Hong Kong and Singapore.
The wealth manager was owned by American International Group until it was sold to Aabar in 2009. In 2011, Falcon increased assets under management in the Middle East to US$1bn.
Meanwhile in the banking world, lenders face new calls from global regulators to bolster safeguards against money laundering and terrorist financing.
The Basel Committee on Banking Supervision said it was seeking views on proposals for "sound risk management guidelines to combat money laundering and financing of terrorism".
The deadline for comments is September 27, the group said.
"The committee has a long-standing commitment to promote the implementation of sound policies and procedures related to anti-money laundering and countering the financing of terrorism.
"These are important safeguards in protecting the safety and soundness of banks and the integrity of the international financial system," it said.
* agencies
LEAGUE CUP QUARTER-FINAL DRAW
Stoke City v Tottenham
Brentford v Newcastle United
Arsenal v Manchester City
Everton v Manchester United
All ties are to be played the week commencing December 21.
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Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
Herc's Adventures
Developer: Big Ape Productions
Publisher: LucasArts
Console: PlayStation 1 & 5, Sega Saturn
Rating: 4/5
MATCH INFO
RB Leipzig 2 (Klostermann 24', Schick 68')
Hertha Berlin 2 (Grujic 9', Piatek 82' pen)
Man of the match Matheus Cunha (Hertha Berlin
KINGDOM%20OF%20THE%20PLANET%20OF%20THE%20APES
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Company%20Profile
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SERIE A FIXTURES
Saturday Benevento v Atalanta (2pm), Genoa v Bologna (5pm), AC Milan v Torino (7.45pm)
Sunday Roma v Inter Milan (3.30pm), Udinese v Napoli, Hellas Verona v Crotone, Parma v Lazio (2pm), Fiorentina v Cagliari (9pm), Juventus v Sassuolo (11.45pm)
Monday Spezia v Sampdoria (11.45pm)
What is dialysis?
Dialysis is a way of cleaning your blood when your kidneys fail and can no longer do the job.
It gets rid of your body's wastes, extra salt and water, and helps to control your blood pressure. The main cause of kidney failure is diabetes and hypertension.
There are two kinds of dialysis — haemodialysis and peritoneal.
In haemodialysis, blood is pumped out of your body to an artificial kidney machine that filter your blood and returns it to your body by tubes.
In peritoneal dialysis, the inside lining of your own belly acts as a natural filter. Wastes are taken out by means of a cleansing fluid which is washed in and out of your belly in cycles.
It isn’t an option for everyone but if eligible, can be done at home by the patient or caregiver. This, as opposed to home haemodialysis, is covered by insurance in the UAE.
