BSI Bank Said to Be Close to Sale

Several parties have expressed interest but it now appears that the Ticino bank BSI is about to be sold for the second time within a year. The prospective purchaser is also domiciled in Switzerland.

EFG, the Zurich-based private banking group, according to the «Financial Times», (paywall), has emerged as the highest bidder in the auction for BSI and is now expected to enter into exclusive talks on a deal likely to value BSI above 1.2 billion Swiss francs (US$1.2 billion).

Selling Price Equal

Last week, the Ticino cantonal bank joined other parties in expressing an interest in acquiring BSI. The sale, which has attracted a handful of bids, is being hurried through by the appointed advisers Lazard as BTG has been fighting a liquidity crunch.

BTG Pactual ran into financial difficulties after its CEO and co-founder André Esteves had been arrested in the Petrobras-corruption case. Grupo BTG Pactual only recently concluded the acquisition of BSI for 1.25 billion Swiss francs ($1.29 billion).

EFG track record

This will not be the first time that the Zurich-based bank has been willing to pay the top price for an acquisition. EFG was rumoured to have also been the highest bidder for the Asian private-banking units of French bank Societe Generale, before eventually losing out to Singaporean bank DBS.

Compare my salary

Compare my salary

Feeling Underpaid? Benchmark your salary by job title, company and location. Find out where you stand in minutes.

compare my salary


Newsletter-SymbolFree Subscription

Subscribe to our free newsletter and receive daily email alerts from the finews editorial team with a list of the top featured articles.

Share with us

Do you have any market intelligence to share with – email us on – All communication is completely confidential and strictly anonymous.