Swiss-listed private bank EFG International has completed the IPO of its structured investments subsidiary EFG Financial Products. In doing so it has reduced its stake in the firm from around 58 per cent to around 25 per cent. The IPO was announced earlier in the year as part of EFG International’s plan to reduce costs and improve profitability.

The share sale should increase EFG International’s capital adequacy ratio to approximately 17 per cent.

In recent weeks EFG International has also decided to close its business in Gibraltar and agreed to sell Quesada, its Stockholm-based wealth management boutique. In a statement the firm said: “The process of resetting EFG International is now complete and performance during the third quarter of 2012 was broadly in line with that seen during the first half of the year.”