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EFG International Completes Overhaul With IPO Of EFG Financial Products
22 October 2012
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.”