Abu Dhabi, United Arab Emirates: Aabar Investments PJSC ("Aabar") is pleased to announce the completion of its acquisition of AIG Private Bank Ltd. ("AIG Private Bank") from its parent American International Group, Inc. ("AIG"). AIG Private Bank will conduct its business under the new name Falcon Private Bank Ltd. ("Falcon Private Bank").
The consideration payable for the entire share capital of AIG Private Bank is equal to CHF 288 million (US$ 253 million), subject to a post closing price adjustment based on the net asset value and assets under management of the bank as of closing. In addition, Aabar will assume certain loans outstanding in the amount of CHF 63 million (US$ 55 million).
Falcon Private Bank is now an independent financial institution, wholly owned by Aabar, headquartered in Switzerland along with branches and representative offices in Geneva, Hong Kong, Singapore, Shanghai and Dubai. Aabar is committed to grow the business further with a particular focus on providing wealth management services to private clients, wealthy families and institutional investors in Switzerland, Asia and the Middle East.
"Falcon Private Bank will provide a unique platform for us to develop and penetrate the private banking sector. We are delighted to welcome Falcon Private Bank to the Aabar family, we continue to be impressed by the bank's excellent track record and professionalism and dedication of the management team and its staff", said H. E. Khadem Al Qubaisi, Chairman of Aabar and designated Chairman of Falcon Private Bank.
His Excellency added: "There is excellent potential for further growth in the private banking sector in Europe, Asia and the Middle East and we look forward to working closely with the management of Falcon Private Bank to deliver this expansion. With this purchase, Aabar is again demonstrating its successful building of a wide ranging portfolio of sound, long-term investments which bring real value and benefit back to Abu Dhabi."
"The change of name reflects a new era of development for our bank, with a strong focus on sustainable growth, financial strength, and capital preservation for our clients", said Eduardo Leemann, CEO of Falcon Private Bank. As previously announced in December 2008, Eduardo Leemann and his entire senior management team will remain with Falcon Private Bank.
Goldman Sachs International acted as exclusive financial advisor and Clifford Chance LLP along with Baer & Karrer served as legal counsel to Aabar in relation to this transaction.
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Falcon Private Bank is an experienced Swiss private bank specialised in wealth management for private clients, wealthy families and institutional investors. Its global clientele has access to more than 40 years of expertise in Swiss private banking and will benefit from the financial strength and government-backed stability of Aabar. Falcon Private Bank has branches and representative offices in Geneva, Hong Kong, Singapore, Shanghai and Dubai.
Aabar Investments PJSC is a global investment company listed on the Abu Dhabi Securities Exchange. Aabar's mandate is to invest across industry sectors in attractive opportunities with significant long-term growth potential. International Petroleum Investment Company, an investment company wholly owned by the Government of Abu Dhabi, owns 71% of the shares in Aabar.
For more information, please contact:
Mohamed Badawy Al-Husseiny
Aabar Investments PJSC
Chief Financial Officer
+971 2 626 4466
info@aabar.com
© Press Release 2009
