Zurich-based Falcon Private Bank is set to exit the UK market through the sale of Falcon Private Wealth, its UK arm, to London-based Dolfin Financial.

Through the deal, Falcon clients will gain access to Dolfin’s wealth management solutions suite, private investment opportunities as well as other ancillary services including payment accounts and cards.

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Falcon CEO Martin Keller said: “We are focused on the delivery of our strategic priorities.

“While I regret our withdrawal from the UK market, this is the right step for Falcon to take.”

The deal will involve around $1bn of assets and aligns with Falcon’s plan to concentrate on select markets through main platforms in Zurich and Dubai.

However, Falcon will continue to act as a custodian for its UK customers. Its existing relationship managers will also remain.

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The transaction, whose financial terms were not revealed, is expected to be completed by this May.

Dolfin CEO Denis Nagy said: “Falcon has a strong client base in the UK and we’re proud that we will be able to give them an extended suite of services through our offices in London and Malta – including custody, execution and investment management.”

It is unclear whether this move is linked to the bank’s recent volatility.

The bank was embroiled in the 1MDB Malaysian state fund scandal and was stripped of its licence in Singapore.

It also made several changes to its leadership team following the scandal. These include the appointment of Martin Keller as its CEO and Roberto Grassi as its chairman.