M and A

EFG International Completes Legal Integration Of BSI's Swiss Business

Tom Burroughes Group Editor London 10 April 2017

EFG International Completes Legal Integration Of BSI's Swiss Business

The legal integration of BSI's Swiss business into EFG International's subsidiary is now complete, which means the BSI name is disappearing.

EFG International has put the finishing touches on its legal integration of “substantially all” of BSI’s Swiss business into a subsidiary, EFG Bank AG. 

BSI SA’s Swiss business has been transferred to EFG Bank via an asset transfer, including client relationships and staff, EFG International said in a statement today.

The merged businesses will operate under the EFG brand.

In Switzerland, almost all branches and offices have already been rebranded with the new logo. EFG International has also launched its new website for the combined business at: www.efginternational.com

The integration process in Asia has already completed, as previously announced. More recently, the integration of BSI Overseas (Bahamas) into EFG was also completed. The remaining BSI entities, in Luxembourg and Monaco, are expected to be integrated in the course of the second quarter of 2017.

EFG International’s acquisition of the Singapore business of BSI has been hit by controversy. In March (as reported here) EFG said it was looking to pay SFr277.5 million less than the original SFr1.06 billion purchase price disclosed in November 2016. EFG International early in 2016 said it would pay around SFr1.33 billion for BSI from Brazil-based owner BTG Pactual, at a time when alleged ties between BSI employees and the corruption scandal at Malaysia’s state-owned investment fund, 1Malaysia Development Berhad, were not clear. BSI in Singapore was last year ordered to leave that Asian city state.


Register for WealthBriefing today

Gain access to regular and exclusive research on the global wealth management sector along with the opportunity to attend industry events such as exclusive invites to Breakfast Briefings and Summits in the major wealth management centres and industry leading awards programmes