EFG International Reports Record Profit

Paul Adams

28 February 2007

Geneva-headquartered EFG International, the fifth largest bank in Switzerland, showed strong earnings growth, increasing its net profit for 2006 to SFr230 million ($188 million) up 90 per cent compared to SFr120.9 million for 2005. Total clients’ assets under management including announced acquisitions were SFr73.6 billion, up 56 per cent from SFr47.3 billion at the end of 2005. Lawrence Howell, chief executive officer of EFG International, said: “During the first full financial year after our IPO in October 2005, EFG International continued to grow as anticipated. This growth supports the positive outlook enunciated at the time of the IPO and reaffirmed today.” During 2006, the number of client relationship officers increased by 51 per cent from 268 to 405, including the acquisitions of Quesada Kapitalförvaltning and the PRS Group. Consolidated financial results for 2006 reflect the full impact of the five acquisitions EFG International closed in 2005: the Bahamas-based private banking business acquired from Banco Sabadell, CM Advisors from Harris Allday Banque, Quesada Kapitalförvaltning, the PRS Group and Monégasque de Gestion. Rudy van den Steen, chief financial officer of EFG International, said: “2006 saw a near doubling of EFG International’s business both in terms of operating income and net profit, in line with growth in clients’ assets under management which tripled in the last two years driven both by organic and acquisition growth.” EFG International remains on the lookout for acquisition opportunities in Switzerland, onshore continental Europe, the UK and the Americas.