Deals
EFG to Create Top Five Swiss Private Bank After BSI Deal
- Acquisition will double assets under management for EFG
- Buyer to raise about 750 million francs to finance deal
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EFG International AG is buying BSI from Brazil’s Grupo BTG Pactual SA in a 1.33 billion Swiss-franc ($1.34 billion) deal that will create Switzerland’s fifth-largest private bank. The shares fell the most in seven months.
The combined firm will manage about 170 billion francs in revenue-generating assets, Zurich-based EFG said in a statement Monday. The lender plans to raise about 750 million francs of capital to finance the purchase, which will include about 975 million francs in cash and the rest in stock.