EFG International announces that it has completed the migration of all former BSI businesses onto EFG’s IT platform. With this step, EFG concludes the overall BSI integration process just over a year after the closing of the acquisition.
The Board of Directors of EFG International announced today that it has nominated Mr. Fong Seng Tee for election to its Board of Directors at the next Annual General Meeting in 2018. In addition, Mr. Tee will chair EFG’s Advisory Board for Asia, which will be established by end-2017. The new Advisory Board will provide guidance and expert advice to support the bank’s growth strategy in Asia.
EFG International is pleased to announce that it will maintain its Italian domestic presence in Milan, following the notification of Banca d'ltalia to remove its restrictive order and to dismiss the administrative proceedings relating to the former BSI offices in Italy, as communicated in May 2017.
EFG International announces that it has completed the acquisition of the Luxembourg-based private banking activities of UBI Banca International (Luxembourg) S.A. from Unione di Banche Italiane S.p.A., with revenue-generating Assets under Management of approx. EUR 2.4 billion and approx. EUR 1.5 billion of Assets under Custody.
Following the successful completion of the platform migration of the former BSI businesses in Zurich and Geneva onto EFG’s IT platform, EFG International announces the appointment of Giorgio Pradelli as EFG’s new CEO effective 1 January 2018. Joachim H. Straehle has announced his retirement as of end-2017, when the full integration of former BSI into EFG is expected to be completed. Dimitris Politis will succeed Giorgio Pradelli in his role as CFO, and Renato Cohn has been appointed EFG’s future Deputy CEO.
Following the completion of the acquisition of BSI on 31 October 2016 and in order to agree the final price for BSI, EFG International and BTG Pactual have been in discussion in relation to the closing accounts for BSI as at that date. EFG International and BTG Pactual have now agreed that the final price to be paid for BSI willcomprise the 86.2 million EFG International shares and CHF 31 million of EFG International AT1 instruments already issued at completion (both unchanged) and a cash consideration of CHF 486 million. Based on the EFG International share price of CHF 5.27 as at closing, the final price is equivalent to CHF 971 million (vs. CHF 1,060 million estimated as at 31 October 2016).
EFG International today announces that it has completed the legal and operational integration of BSI in Monaco by way of a merger. This marks the final step in the legal integration of the BSI entities into EFG, achieved on schedule.
EFG International today announces that Marcelo Coscarelli, Member of the Executive Committee, will assume responsibility for the Latin America Region as of 1 J uly 2017 bringing the region under one sole leadership. Gerald Robert, current Head of Latin America Region and a Member of the Executive Committee, has decided to step down from these roles and will retire from the company.
EFG International today announces that Michael Vlahovic has been appointed Head of Private Banking UK, effective 1 July 2017, subject to regulatory approval. He will be based in London and will directly report to Anthony Cooke-Yarborough, Head of UK Region and member of EFG International’s Executive Committee.
EFG International announces that BSI has received a notification by Banca d’Italia requesting the implementation of certain measures, which may result in a closure of the BSI offices in Milan and Como. The measures relate to alleged administrative weaknesses pre-dating the completion of EFG’s acquisition of BSI. EFG is assessing the legal situation and is in contact with Banca d’Italia, inter alia because the policies, procedures and other measures enacted upon completion of the acquisition of BSI by EFG in November 2016 have not been considered. The BSI Milan and Como offices, which focus on onshore services, combine less than CHF 1 billion in assets under management.
EFG International hosts its Annual General Meeting today at 14:30 CEST in Zurich. In this context, EFG also provides an update on the integration process and its business performance in the first quarter of 2017.
EFG International announces completion of legal integration of BSI’s Swiss business and launches its renewed brand
EFG International today announces that it has completed the legal integration of substantially all of BSI SA’s Swiss business into EFG Bank AG, a 100% subsidiary of EFG International. As the legal integration in Switzerland has become effective, the renewed EFG brand has been launched.
EFG International (Guernsey) Limited successfully places Tier 2 regulatory capital
EFG International announces that USD 400 million of Tier 2 Resettable Subordinated Notes due 2027 issued by EFG International (Guernsey) Limited and guaranteed by EFG International AG on a subordinated basis have been placed with investors.
EFG International announces change to its leadership team
EFG International today announces that Franco Polloni has been appointed Head of Central Switzerland, Ticino & Italy Region and a Member of the Executive Committee, effective 1 August 2017 at the latest. He will succeed Renato Santi, who will leave the firm after the integration of BSI’s Swiss business into EFG, planned to take place in the course of April 2017.