EFG Net New Asset Growth Rebounded Before BSI Acquisition: Chartby
Swiss private bank EFG International AG had 7 percent annualized net new-asset growth in the second half, rebounding from a shrinkage of 1 percent in the first six months. There was a turnaround in Asia despite market turmoil, while assets in Europe and Switzerland also increased. EFG plans to double in size by acquiring BSI, the Swiss private bank owned by Grupo BTG Pactual SA for 1.33 billion Swiss francs ($1.33 billion). The takeover will make it the country’s fifth-largest private bank by assets under management.