This comes after the bank legally completed the acquisition of BSI in April.
Swiss private banking group EFG International has completed the migration of all former BSI businesses onto its IT platform.
As a combined bank, EFG International now operates on a consolidated group-wide IT platform, the bank said in a statement.
With this latest completion, EFG concludes the overall BSI integration process just over a year after the closing of the acquisition. The bank has completed six legal integrations and nine IT migrations on a global basis within just over a year as well as the global roll-out of the renewed EFG brand, launched in April 2017, as reported by this publication.
The bank says it has benefitted from the increased size and scale, and now has SFr147.5 billion ($149 billion) in assets under management, as of end-October 2017.
“Thanks to effective collaboration and a true team spirit within the bank, we have completed the platform migration of all former BSI businesses ahead of year-end and have thereby concluded the overall integration process of former BSI,” said Giorgio Pradelli, chief executive. “We are pleased that we can now start the next year as a truly combined bank and focus on achieving our strategic growth targets as well as fully exploiting the envisaged synergies and the benefits of our strong combined international platform.”
EFG International’s acquisition of the Singapore business of BSI was hit by controversy. In March, as reported by this publication, EFG said it was looking to pay SFr277.5 million less than the original SFr1.06 billion purchase price disclosed in November 2016. EFG International, early in 2016, said it would pay around SFr1.33 billion for BSI from Brazil-based owner BTG Pactual, at a time when alleged ties between BSI employees and the corruption scandal at Malaysia’s state-owned investment fund, 1Malaysia Development Berhad, were not clear. BSI in Singapore was last year ordered to leave the Asian city-state.
EFG International is a global private banking group offering private banking and asset management services and is headquartered in Zurich. EFG International's group of private banking businesses operates in around 40 locations worldwide.