The first westerner to be charged in connection with the 1MDB scandal has been sentenced to 28 weeks in jail and fined S$128,000 (£73,352, $89,174, €84,235) by a Singapore court.
The regulator slams the Zurich-based bank for poor anti-money laundering controls and improper conduct by individuals over 1MDB.
Walter Berchtold will lead Falcon Private Bank and, separately, Christian Bucaro has become Singapore CEO for BNPP IP.
Singapore’s MAS plans to take action against four major banks, including a Swiss private bank, over their involvement with the scandal-ridden Malaysian sovereign wealth fund 1Malaysia Development Bhd (1MDB).
A weaker dollar and a low chance of an RMB devaluation support Asian currency stability, which has a strong equity market impact, said Falcon Private Bank’s CIO David Pinkerton.
Switzerland-based Falcon Private Bank has a base case of 0% returns for China equities in 2016.