EFG Bank, EFG International’s business in Asia, has recruited a team of Commerzbank client relationship managers and other professionals in Singapore as part of an agreement between both firms.

“EFG Bank has entered into an agreement with Commerzbank (South East Asia) Ltd regarding the latter's wealth management clients in Asia. A team of Commerzbank's Client Relationship Officers and Customer Service Officers - headed by CEO, Henrik Mikkelsen - will join EFG Bank shortly,” the firm said in a statement.

The two organizations have agreed on a referral of Commerzbank's Asian wealth management clients to EFG Bank, and will work together to ensure a smooth transfer of client relationships, the statement said.

The move forms part of EFG Bank's plans to expand its business in Singapore, where it currently has over 130 employees, including circa 70 Client Relationship Officers.

The EFG operations in Asia were set up in 2000. EFG is headquartered in Switzerland.