The Swiss private bank, which has been making a number of acquisitions, has announced results of a recent capital-raising rights issue.

EFG International, which is acquiring fellow Swiss private bank from Brazil’s BTG Pactual, yesterday said around 56.9 per cent of rights have been exercised in a total to 81.687 million new shares as part of moves to finance the BSI purchase.

As part of the move, EFG Bank European Financial Group has invested SFr271 million ($278.7 million), amounting to 44,329,748 shares at SFr6.12 per share. Up to 35,221,370 new shares not taken up by existing shareholders are being offered through a public offering in Switzerland and private placements in certain jurisdictions outside the country.

The end of the international offering was expected to close yesterday evening. As previously announced, the offer price of the new shares will be at least SFr6.12 and is expected to be communicated before begin of trading on 11 May. 

In April, EFG International agreed to acquire the Luxembourg-based private banking activities of UBI Banca International (Luxembourg). The acquisition brought over around €3.6 billion ($4.07 billion) of client assets, which EFG said will “significantly strengthen EFG International’s presence in Luxembourg”.

As announced on 22 February, the agreement by EFG to buy BSI creates a combined bank with assets under management of SFr170 billion and 860 relationship managers. There had been speculation that Brazil-based BTG Pactual was to sell BSI barely a few weeks after having bought it. BTG Pactual has been engulfed in a corruption scandal and has been looking to raise capital. EFG International will pay in cash and EFG shares for the deal, it said in February.