Published by NASDAQ – Thursday 1st September 2016
Switzerland-based Falcon Private Bank Ltd. said Thursday that it has appointed board member Walter Berchtold as chief executive officer, effective Oct. 1.
Mr. Berchtold, 54, will succeed Eduardo Leemann, who will remain with the bank as a senior adviser.
“With his extensive international experience in private banking and the financial markets, Walter Berchtold was the ideal candidate to first join the board and now succeed Eduardo Leemann as CEO,” the chairman said.
Falcon has come under scrutiny for transactions involving Malaysian development fund 1Malaysia Development Bhd., or 1MDB. The Wall Street Journal has previously reported that Swiss authorities have examined transactions tied to 1MDB that were made using Falcon. Falcon hasn’t been accused of wrongdoing, and has said it is cooperating with investigations.
A Falcon spokesman said that Mr. Leemann departure is unrelated to the investigation. Falcon has informed Swiss regulators about the leadership change, the spokesman said.
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