ONE swiss bank (ONE) has agreed to buy the client portfolio of Switzerland-based Falcon Private Bank as part of a broader deal.

The deal includes the transfer of Falcon Private’s front office staff.

Upon deal completion in the first quarter of next year, ONE will open an office in Zurich. The office will be staffed by 10 to 15 employees.

Falcon noted that the addition of its client portfolio will allow ONE to bolster its customer base and drive its growth.

The deal is said to be part of Falcon’s wind-down process announced in May this year and follows its move to exit its private banking business next year.

The bank’s problems began with its entanglement in the 1MDB Malaysian state fund scandal. In 2016, the bank was stripped off its licence in Singapore for ties to 1MDB.

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In August, Falcon offloaded its fund management unit, Falcon Fund Management (Luxembourg), to Alpina Capital.

Meanwhile, ONE shareholders entered into a binding memorandum of understanding (MoU) with Banque Profil de Gestion (BPDG) and its current majority shareholder, Banca Profilo to pick a 60.4% holding in BPDG.

The combined group will manage up to CHF5bn ($5.5bn) after the execution of the deal in the first quarter of next year.

Financial details of both the deals were not shared.

Commenting on the developments, ONE CEO and shareholders representative Grégoire Pennone said: “These two transactions are in line with the actions taken in recent years and offer promising perspectives for ONE. Thanks to the expertise of the two companies, we will be able to offer a wider range of products and services and meet our clients’ present and future expectations.”

ONE was established last year as the result of a merger between Swiss banks Banca Arner and GS Banque. Headquartered in Geneva, the bank offers a range of wealth and asset management services.