Zurich-based Falcon Private Bank is selling its British activities to London's Dolfin Financial, both companies said in separate statements on Monday. Financial details of the transaction, which affect roughly $1 billion in assets, weren't disclosed.

The disposal is a painful step in Falcon's new strategy under CEO Martin Keller, who made no bones about his feelings over the deal. «While I regret our withdrawal from the UK market, this is the right step for Falcon to take», he said. Falcon will remain at the disposal of clients as a custodian bank for clients who wish to remain with the same team of bankers.

Dolfin-Falcon Ties

Keller told finews.com in December that he had won the support of owner Abu Dhabi to rebuild Falcon and roll out its crypto-centered strategy. The move is a bid to distance the Swiss wealth manager from its involvement in the 1MDB scandal, which cost Falcon its Asian presence.

«We are focused on the delivery of our strategic priorities», Keller said. Falcon suffered a management exodus following the scandal. In fact, Dolfin's head of wealth management, Nick McCall, ran Falcon in the U.K. until 2015.