EFG International Close to Acquiring BSI Bank

EFG International is close to buying the Swiss private-banking unit of Brazil's BTG Pactual, the Zurich-based bank confirmed today.

EFG International, a Zurich-based private bank, is «in exclusive discussions with BTG Pactual regarding a potential acquisition of BSI» private bank, it said in a statement today. With the statement, it confirmed reports by news outlets in the Ticino region, the home of BSI.

The reports said that the exact structure of the takeover wasn't decided upon yet. BTG may also retain a stake of as much as 30 percent in its private-banking division. EFG said that no decision had been made yet.

The price tag of BSI also has yet to be decided upon, according to the reports.

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