EFG Completes BSI Acquistion

Joachim H. Straehle, CEO of EFG International

Joachim H. Straehle, CEO of EFG International

Following receipt of all regulatory approvals, EFG International has announced it has completed the acquisition of BSI from BTG Pactual. What about Asia?

The closing of the acquisition marks the beginning of the process to integrate BSI into EFG International. Preparations for the gradual integration have been driven by joint EFG and BSI teams and are well on track.

EFG now becomes one of the largest private banks in Switzerland with approx. CHF 148 billion in AuM, CHF 43.7 billion in total assets, 700 relationship managers and a presence across 40 locations worldwide. The full operational integration of BSI in Singapore, via an accelerated asset deal, will take place by the end of November 2016.

Politically Exposed Persons

A review of clients has taken place, in conformity with both the Swiss regulator FINMA and the Monetary Authority of Singapore (MAS) rules, and the process of transfer of assets through client novation and transfer of Client Relationship Officers and other staff is in progress.

EFG says that all «Politically Exposed Persons»(PEPs) and other high risk clients were reviewed and only those complying with EFG International policies will be transferred. Screening of all standard clients has been completed.

Hong Kong Moves

The BSI business in Hong Kong witnessed several departures with bankers not willing to wait for the takeover. Julius Baer in Asia managed to tempt an entire Indian BSI team to join it. 

The BSI group of companies will be incorporated within EFG International through several legal mergers and asset deals, depending on the location of the business and other operating considerations.

1MDB Saga

All necessary legal steps are expected to be completed in the second quarter 2017.

The completion of the deal by EFG comes in the week when the trial of the former BSI banker Yeo Jiawei commenced in Singapore.

New Branding?

The migration of BSI’s business to EFG’s IT platform is expected to complete by year end 2017.

Regarding the future brand of the combined business, a joint decision has been taken to follow a single brand strategy globally by building on the existing EFG name and renewing the current brand positioning and design to reflect the heritage, corporate values and visual identity of both EFG and BSI.

The process of developing the renewed brand positioning and logo is ongoing and planned for completion by mid-2017.

 

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