Zurich-based private bank EFG International has received banking licenses in the Bahamas and in Luxembourg. It is also opening an Asian trus...

Zurich-based private bank EFG International has received banking licenses in the Bahamas and in Luxembourg. It is also opening an Asian trust administration office in Hong Kong. The moves are part of the bank’s strategic plan to grow organically in key markets, EFG said in a press release. In Luxembourg, EFG plans to offer private banking services, while in the Bahamas, private banking as well as trust services will be offered. "With the addition of two fully licensed banks in the Bahamas and in Luxembourg we are continuing our pursuit to grow organically, in addition to growth through acquisitions," said Lawrence Howell, chief executive of EFG, in a statement.