EFG: Takeover of BSI Singapore in an Accelerated Deal

Joachim Straehle, CEO EFG International

Joachim Straehle, CEO EFG International (Picture: Keystone)

Swiss bank EFG International has agreed with Brazilian BTG Pactual to purchase the business of BSI Bank in Singapore in an accelerated asset deal.

EFG International and BTG Pactual are currently in the process of obtaining the regulatory approvals required for the closing of the acquisition of BSI announced on 22 February 2016. The process is on track and is expected to complete in the fourth quarter of 2016 as announced previously, according to a statement sent on Thursday.

Following the announcement by the Monetary Authority of Singapore (MAS) on 24 May 2016 in connection with BSI Singapore, EFG International and BTG Pactual have negotiated an accelerated asset deal whereby EFG Bank’s Singapore branch would acquire the agreed assets and liabilities of BSI Bank (Singapore) potentially before the closing of the acquisition of BSI by EFG International.

Completed by the End of November

A binding term sheet including the conditions of an asset purchase agreement, which forms the basis of the Transfer of Business that is subject to MAS and court approval in Singapore, has been signed on 14 July 2016.

The transfer of business includes BSI Bank (Singapore) current private banking, treasury and wealth management services and its clients and staff, to the extent agreed in the term sheet. The migration of the acquired part of the business is planned to be completed by the end of November 2016 at the latest.

Earlier Than Planned

«With these measures, we aim at integrating BSI’s business in Singapore earlier than originally planned. This will provide for additional security and stability for the respective clients and employees. Thanks to the flexibility of all parties involved, the steps to be taken in Singapore will allow us fully to concentrate on the future and jointly grow our business further in this important region,» Joachim H. Straehle, CEO of EFG International, said.

The purchase price for the acquired part of the business of BSI Bank (Singapore) will correspond to its tangible book value. The asset purchase agreement will contain a price adjustment mechanism as well as appropriate indemnities, representations and warranties, and an escrow account will be

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