EFG International has taken note of the announcement by the Federal Administrative Court regarding an appeal against a FINMA decision in connection with a BSI legacy case. EFG's financial results will not be impacted by this decision.
EFG International is today announcing the sale of its Palazzo Botta office building in Lugano to the Republic and Canton of Ticino. This transaction, which will generate significant benefits for both parties, is expected to close in the first half of 2020, subject to the Canton's approval procedures. Upon completion of the sale, EFG will remain at the Palazzo Botta building for a further three years.
EFG International is continuing to systematically execute its 2022 strategic plan with a focus on achieving sustainable and profitable growth. As part of these efforts, EFG has made strong progress with its strategic business initiatives and CRO hiring in the year to date, while realising significant cost synergies.
The Board of Directors of EFG International and EFG Bank is today announcing the nomination of Peter Fanconi as its new Chair and of Amy Yip as a new member of the Board of Directors, subject to the approval of shareholders at the Annual General Meeting in April 2020. John Williamson, EFG’s current Chair of the Board, has decided not to stand for re-election at the next AGM.
EFG International is executing its growth strategy as presented on 13 March 2019 and expanding its footprint in the Middle East with the establishment of a new presence in Dubai, United Arab Emirates. Having received the necessary regulatory approvals from the Dubai Financial Services Authority, EFG’s new advisory office is expected to be fully operational by 11 December 2019. It will be headed by Sascha Pietrek, effective 01 November 2019.
EFG International formally commenced operations in Lisbon, Portugal, on 01 September 2019, as previously announced. Following the successful launch of this new branch of its Luxembourg entity, EFG Bank (Luxembourg) S.A. − and to further strengthen its private banking business in the country in line with its 2019-2022 strategic plan − EFG is today announcing the appointment of Bernardo Meyrelles do Souto as the new Country Head Portugal, effective immediately.
The Board of Directors of EFG International and EFG Bank is today announcing the appointment of Amy Yip as the new Chair of the Asia Pacific Advisory Board, effective immediately. In this role, she will help drive and oversee the further expansion of EFG’s business in Asia Pacific, in line with its 2022 strategic plan.
EFG is executing on its 2022 strategic plan that is focused on achieving profitable growth and effective capital deployment by advancing its business initiatives, hiring CROs and further developing its international footprint.
In line with its 2019-2022 strategic plan, EFG International is expanding its footprint in Southern Europe with the opening of a presence in Lisbon, Portugal, as a branch of its Luxembourg entity, EFG Bank (Luxembourg) S.A. Following the granting of regulatory approvals, EFG is currently in the process of establishing its business in Portugal, which it expects to be fully operational by 01 September 2019. Pedro Rego has been appointed as the new Head of EFG’s Portugal branch, effective as of the official registration on 23 May 2019.
As part of its 2019-2022 strategic plan, EFG International is enhancing its global offering for Independent Asset Managers by expanding its services to include a comprehensive multi-custody platform. The new platform is being developed in partnership with AM-One AG, a subsidiary of Expersoft Systems AG, which is one of the leading providers of innovative software solutions for asset and wealth managers. The new offering will be launched on 01 September 2019. With this step, EFG aims to further strengthen its global coverage of the Independent Asset Manager segment.
As initially announced in its media release of 26 April 2019, EFG International AG intends to repurchase up to eight million of its own registered shares. The share buyback programme starts on 03 June 2019 and will last until 30 June 2020 at the latest.
At today’s Annual General Meeting, EFG International’s shareholders approved all proposals made by the Board of Directors, including the management report, the financial statements and the consolidated financial statements for the financial year 2018.
In the context of today’s Annual General Meeting, EFG International provides an update on its year-to-date business performance. In addition, EFG intends to repurchase shares from the market to fund its employee incentive plans.
In 2018, EFG returned to net profit and raises dividend to CHF 0.30, as it emerges from BSI integration. In addition, EFG enlarges its presence in Asia Pacific with the acquisition of a majority stake in the Australian financial services provider Shaw and Partners, subject to regulatory approval. Looking ahead, EFG announces its 2022 strategic plan to deliver profitable growth with effective capital deployment.