EFG's Albert Chiu: «We Took Advantage of Industry Consolidation»
EFG International has been rapidly attracting assets, with Asia being a leader in net inflows. In a conversation with finews.asia, regional head Albert Chiu spoke about how the bank has done so by capitalizing on organic and inorganic opportunities.
From January 2024 to June 2025, the Asia Pacific region has emerged as the strongest contributor in net new assets at EFG. Of the 15.5 billion Swiss francs ($19.2 billion) of inflows during this 18-month period, APAC accounted for 6.1 billion francs or 39 percent, according to its earnings reports. Assets under management (AUM) in the region totalled 37.4 billion francs as of mid-2025, or nearly a quarter of the 162.3 billion francs globally.
«APAC is currently EFG’s second largest business region after Switzerland & Italy. My aim is to have the region maintain this strong growth. We have set ambitious growth targets for our AUM and we aim at pursuing them either organically or inorganically,» said Albert Chiu, head of Asia Pacific Region, EFG Bank, in an interview with finews.asia.
Trans-Tasman Presence
On inorganic growth, the bank has benefited from acquisitions in Asia, most notably in the Australasian region. In 2019, it bought Australia-based Shaw and Partners Financial Services. Through this subsidiary, the bank further expanded in June with the acquisition of a 75 percent stake in New Zealand-based Investment Services Group (ISG). This helps capture not only local wealth but also that of overseas Chinese entrepreneurs.
«The acquisition of ISG marks a key milestone in Shaw and Partners’ growth strategy as it formally enters the New Zealand market and strengthens its presence across the broader Trans-Tasman region,» Chiu added.
Ex-Credit Suisse Hires
On organic growth, Chiu noted that EFG has also managed to increase AUM as a result of attracting new talent. And like many other competitors, it capitalized on market opportunities that resulted from the landmark UBS takeover of Credit Suisse in 2023.
With the merger of Switzerland’s two largest banks, top talent was suddenly available and in Asia, EFG managed to hire a number of senior ex-Credit Suisse executives including David Louie as Hong Kong CEO, Christina Wong as senior client partner and Urs Buchmann as vice chairman of the Asia advisory Board.
«In the last few years, the market for client relationship officers (CRO) and talent has opened up again globally, and we took advantage of the industry consolidation and the market dislocation in Switzerland, Asia, and elsewhere. In the first half of 2025, our CRO hiring momentum continued in line with our ambition,» Chiu shared.
25th Anniversary in Asia
This year, EFG International celebrates the 25th anniversary of its presence in Asia via its Hong Kong and Singapore office. Chiu, as a regional head with one of the longest ongoing tenures, recalls the early days of setting up operations initially with no license, no staff and no clients.
«I was therefore very pleased to have managed to hire a team of front and back-office staff whom I had known from my previous days with HSBC,» he said on his time as treasury manager at HSBC Bank USA’s Hong Kong office.
«Today, we have grown into a sizeable business with more than 310 CROs in the APAC region. In 2000, we held our very first annual dinner at the Hong Kong Bankers Club, and we recently returned there – we even managed to get the same menu as 25 years ago.»
Lessons as a Soccer Referee
Outside of his life as a banking executive, Chiu is known for his experience as a soccer referee for FIFA from 1990 to 2005 and he notes that this has had an influence on achieving success in his financial career.
«While it may seem that being a referee and working in the corporate world do not have much overlap, the reality is that in my time as a match officiator, I have learnt quite a few skills and lessons that have helped me in my career with EFG. Being a referee requires me to be decisive. Some decisions to be made are split-second ones that could influence the outcome of a match,» he explained.
«While I no longer need to make as many instant decisions at EFG, it is still impossible for me to make the right choice every single time. This is why I have learnt to maintain my composure in even the most challenging situations. If I made the wrong decision, it is essential for me to remain resilient, learn from mistakes and keep my head up.»
Margin Compression
Today, the private banking industry looks a lot different compared to 25 years ago, particularly with thinner margins due to the need for greater investments in areas like client, investment and compliance processes. However, Chiu believes there are also tailwinds from factors such as rapid wealth creation and technology.
«While returns on assets have lowered due to the cost pressure, this is being offset by opportunities in growing wealth in major markets. I believe that the banking landscape will change with artificial intelligence driving standardization and automation,» he observed.
Continued Front-Office Growth
For the EFG’s Asia business, one of its major growth levers is the continued strategic recruitment of relationship managers in «attractive markets and client segments».
«Our CRO hiring is very focused on four key markets, which include Greater China, Global South Asia (GSA), Southeast Asia and external asset managers,» Chiu said. «In GSA we see synergies in the Middle East with strong client demand, from amongst others, non-resident Indians.»
