EFG: BSI Acquisition Should Boost Profits

EFG International Office in Zurich

EFG International Office in Zurich

EFG International, the Swiss private bank controlled by Greek billionaire Spiro Latsis and his family, is persuading some of the biggest investors that the acquisition of BSI should boost profits.

«We see the logic for the deal as the cost synergies are substantial,» David Moss, a London-based fund manager at Bank of Montreal (BMO), said to news agency «Bloomberg» on Tuesday. BMO is EFG's third-largest shareholder. «We need to have more detail on the source of these synergies and better understand how they will integrate the two businesses,» Moss added.

EFG International countered doubts about the acquisition of BSI bank on Monday, as several shareholders and media had complained in the recent days that the merger remained vague, as finews.asia also reported. Therefore EFG International plans to give more information on the integration plan on March 22.

EFG Group, controlled by Greek billionaire Spiro Latsis and his family, said February 22, it agreed to buy BSI, a similarly-sized Swiss private bank, from BTG Pactual Group.


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