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.