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Clients Pull Money Out From BSI
BSI private banking suffered a 6.3 billion Swiss francs of outflow in the last 3 months after the private bank was involved in its dealings with 1MDB. BSI is still in the process of being acquired by private bank EFG International, a deal which will make the combined bank Switzerland’s fifth largest by assets.
This purchase is expected to be closed in the last quarter of the year.
BSI is the oldest bank in the Swiss canton of Ticino. Founded in 1873 as the Banca della Svizzera Italiana, today BSI is an institution that specialises in asset management and related services for private and institutional clients.
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