How to open a bank account in Falcon Private Bank AG

GSL reference about the bank What is it?

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Relationship was terminated

Falcon Private Ltd. ceased all business activities on 31 March 2022

 

Relationship was terminated

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General information and rating
General information and rating

2 470
Global rating
67
Countrywide rating
Not rated
Countrywide rating of the head bank
Not rated
Global rating of the head bank
Year of foundation
1965
History
Founded in 1965 (formerly Ueberseebank AG and AIG Private Bank). In 2009 Falcon Private Bank was acquired by Abu Dhabi Sovereign Wealth Fund. The London office of Clariden Leu was acquired in 2011. The bank is headquartered in Zurich. As at 30.06.2013, the Assets Under Management (AUM) were worth CHF 13,9 billion, and the capital adequacy ratio (Tier I) was 18,6%
Personnel
The bank currently has 350 staff working in the offices in Zurich and Geneva (Switzerland), as well as in subsidiaries in Hong Kong, Singapore and the representative offices in Abu Dhabi and Dubai. The Eastern Europe desk has over 20 staff, half of whom speak Russian
Bank’s shareholders
Falcon Private Bank is owned by Aabar Investments PJS, an investment company the majority shareholder of which is the International Petroleum Investment Company (IPIC) and, ultimately, the Abu Dhabi government
Confidentiality
Judicial Cooperation Agreement with Russia is signed; Double Taxation Agreement with Russia is signed; AML legislation is strictly observed; Active member of OECD, FATF, Basel Commitee, Egmont Group etc.
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    Minimum requirements
    Minimum requirements

    2 000 000
    Minimum balance, €
    10
    Transactions permitted per month
    500 000
    Initial deposit of funds, €
    6
    Deadline for the initial deposit, month
    Minimum balance, €
    The minimum balance to start the relationship with the bank is CHF 1 000 000. However, the bank expects the minimum balance to grow over time, the optimum balance ranging between CHF 5 000 000 and CHF 7 000 000
    Transactions permitted per month
    If agreed with the bank, the minimum number of transactions can be increased to 20. It will normally depend on the size of assets deposited with the bank. It goes without saying that the bank needs to understand the nature of and economic rationale behind the transaction
    Initial deposit of funds, €
    The initial deposit may vary, but is recommended to be at least CHF 500 000
    Deadline for the initial deposit, month
    The initial deposit should preferably be made within 6 months, otherwise the account can be closed
    How fast payments are executed
    The payment execution time depends on the currency: express USD payment instruction must be submitted before 16.00 Swiss time to be made same day. GBP - before 9.00, EUR - before 12.00

    Tariffs and services
    Tariffs and services

    25
    Outcoming transfer, €
    0
    Incoming transfer, €
    1 000
    Account maintenance, €/year
    10 000
    Payment limit for credit cards, €/day
    Outcoming transfer, €
    Transfer fee (including urgent same-day transfer) is CHF 30, not including third party (correspondent bank) fees
    Incoming transfer, €
    There is no charge on incoming payments
    Account maintenance, €/year
    Annual maintenance fee is CHF 1 000. It includes operation of three currency accounts (though not hold mail) and Internet-banking. In the case of asset management, an all-in fee is charged, which varies depending on the size of portfolio. For a portfolio of up to CHF 2 000 000 the fee is 1.2%
    Payment limit for credit cards, €/day
    The card payment limit is from CHF 10 000
    Funds to be blocked for CC issue, €
    The insurance coverage is from CHF 10 000
    Distant access to the account
    The bank offers Internet-banking which allows both to view the account and make payments, without involving a bank officer (payments go in for processing straight away)
    Financial products
    Asset management, including individual asset management mandates. Premium clients have direct connection to the trading desk. Back to back loans (95% of deposit, spread - 1%). The bank employs an open architecture, i.e. it offers a number of its own products without restricting the client’s choice of best-in-class instruments
    Credit/debit cards
    Credit cards of major payment systems. Users of Premium Package (CHF 2 000 per year) are issued the card free of charge
    Hold mail
    The fee for holding bank statements is CHF 500 per year. This service is unnecessary when Internet-banking is used. The users of Premium Package (CHF 2 000 per year) have their bank statements held free of charge

    Account opening procedure
    Account opening procedure

    Days to open for incoming transfers
    case by case
    Days to open for outcoming transfers
    case by case
    References
    Not necessary
    Purpose of the account
    Savings
    Visit to the bank
    Not obligatory, but the bank welcomes your acquaintance with the bank officer in due course
    Required
    Filled in bank forms; copy of client’s passport; standard set of corporate documents. Whether or not the account will be opened is decided straight away. In the case of PEPs, a meeting of an Account Opening Committee is required
    Types of accounts
    Savings
    Opening procedure and Due Diligence
    It is possible to open an account without visiting the country where the bank is located
    Chances to open an account
    Predictable
    Business description
    Relatively detailed: in addition to the description of the business, the origin of funds needs to be disclosed

    Banks of Switzerland

    Bank
    The cost of opening an account, $
    Global rating
    Countrywide rating
    GSL rating
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