Falcon Private Bank AG

Beginning of cooperation Last contact Last update
May, 2000 October, 2017 August, 2014

GSL reference about the bank

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The relationship with the bank was first established in May 2000. Then we lost touch because of the departure from the bank of an experienced officer in charge of Russian market and the bank’s change of geographical business development priority. In early 2009 Bank again changed hands and name

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    Bank's characteristics

    General information and rating

    Global rating Countrywide rating Countrywide rating of the head bank Global rating of the head bank Credit rating
    2 470 67 Not rated Not rated AA
    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.

    Minimum requirements

    Minimum balance, € Transactions permitted per month Initial deposit of funds, € Deadline for the initial deposit, month Minimum turnover, €/year
    2 000 000 10 500 000 6
    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

    Outcoming transfer, € Incoming transfer, € Account maintenance, €/year Payment limit for credit cards, €/day Funds to be blocked for CC issue, €
    25 0 1 000 10 000 10 000
    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

    Days to open for incoming transfers Days to open for outcoming transfers References Business description Purpose of the account
    10 10 Not necessary Detailed 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 Personal; Corporate; 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
     
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