“Aabar Investments PJS (“Aabar”) reconfirms its full commitment and support for the bank,” Aabar said in a statement.

Falcon was fully acquired by Aabar Investments in 2009.

The Monetary Authority of Singapore (MAS) on Tuesday said it had ordered Zurich-based Falcon Private Bank’s Singapore branch to cease operating because of “a persistent and severe lack of understanding” of Singapore’s money-laundering controls.

In Zurich, the Financial Market Supervisory Authority (FINMA) ordered Falcon to turn over 2.5 million Swiss francs ($2.56 million) in what the watchdog said were illegal profits.

Not for sale

Abu Dhabi investor Aabar is at this time not divesting Zurch-based Falcon Private Bank, the chief executive of the Swiss wealth manager said on Tuesday.

“Aabar views the bank as a strategic investment and has no current intention to sell.”

“At this moment in time, Aabar is not selling the bank,” Falcon Chief Executive Walter Berchtold told a media briefing in Zurich.