EFG and BTG Pactual Settle on Final Price at US$1 Billion
EFG International and BTG Pactual have struck a deal on the final price for BSI Bank for under 1 billion Swiss francs after billions in outflows at BSI had dragged down the transaction value.
“Its original price estimate was for 1.3 billion francs when the transaction was announced in February 2016.”
Its original price estimate was for 1.3 billion francs when the transaction was announced in February 2016. However, the deal has been complicated by BSI’s legal troubles which included dealings linked to 1Malaysia Development Bhd (1MDB) and resulted in significant client withdrawals.
News Source: Reuters
European Financial Group International (SIX:EFGN) is a multinational Swiss private banking group offering private banking and asset management services. It was formed in 1995 by Jean Pierre Cuoni and Lawrence D. Howell, and five others. The genesis of the bank was by the acquisitions of both the right to operate from the Zurich office of Banque de Deposits and the Swiss operations of the Royal bank of Scotland.
- Origin : Zurich, Switzerland
- Assets : CHF 26.8 billion
- Revenue : CHF 696.7 million
- Employees : 2,600
Official Website: www.efginternational.com
News & Media: Press Release
Updated on 8th August 2016