UK investors were the main buyers of EFG International’s shares when the newly formed holding company listed on the Swiss stock exchange in ...

UK investors were the main buyers of EFG International’s shares when the newly formed holding company listed on the Swiss stock exchange in October, according to its chairman Jean-Pierre Cuoni, who was quoted in Le Temps. Speaking at a lunch-time presentation held at the British Chamber of Commerce in Geneva, Mr Cuoni said UK investors helped EFG International avoid a “catastrophe” by buying half of the firm’s initial public offering. He added that Swiss investors had bought few shares as they considered them over-priced. "I will explain to you two or three things. The Swiss ones have a problem: they compare us with the other private banks, but EFG is different. It deserves a higher market valuation,” Mr Cuoni said. Mr Cuoni went on to emphasize the entrepreneurial culture that exists at EFG, which, he said, was much greater than at other Swiss private banks. The chairman of the bank added: “On our premises, there is no more a distinction between onshore and offshore, or between affluent customers, rich customers or the ultra-rich. All that is rubbish.”