Switzerland’s Falcon Private Bank has named Matteo Maccio as the new CEO, replacing Martin Keller who has been at the helm since September 2017.

The bank said that Keller “has resigned in mutual agreement with the board in the course of the wind-down of the bank announced on 11 May 2020, which is proceeding according to plan”.

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​Keller’s appointment was part of Falcon’s turnaround strategy.

He previously worked at Credit Suisse, Deutsche Bank, and UBS.

Maccio will assume the new responsibility on 1 September 2020. He formerly served as the firm’s CFO.

This May, Falcon announced that it will end private banking operations in 2021.

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The bank also revealed that it is in advanced talks with another Swiss private bank to divest and transfer its client portfolio, subsidiaries as well as front-office employees.

Falcon’s embroilment in 1MDB

The bank has been under the scanner for its role in the 1MDB Malaysian state fund scandal.

The Monetary Authority of Singapore (MAS) withdrew the licence of Falcon in connection to the scandal.

The Singapore regulator stripped Falcon Private Bank Ltd, Singapore Branch, of its merchant bank status.

This was the result of serious failures in anti-money laundering (AML) controls and improper conduct by senior management.

Swiss financial watchdog FINMA also alleged that Falcon had serious anti-money laundering lapses.

The regulator accused the bank of failing to carry out adequate background checks into transactions and business relationships linked to 1MDB.

The Office of the Attorney General of Switzerland (OAG) launched criminal proceedings against Falcon in connection with the scandal.