EFG International, a Swiss private banking group, has wrapped up the acquisition of Swiss bank BSI from Brazil’s BTG Pactual for CHF1.06bn.

The combined entity will manage about CHF148bn in assets and have over 700 client relationship officers.

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The business will have a Swiss GAAP Common Equity Ratio (CET1) of 16.8%, total capital ratio of 19.4% and liquidity coverage ratio of 219%, EFG said.

 EFG International CEO Joachim Straehle said: “Together we are forming a leading pure play private bank with strong Swiss roots, a broad international presence and an entrepreneurial spirit.

“Over the coming months, we will jointly drive forward the integration to realise the full benefits of the business combination for our clients, employees and shareholders. The combined group will have a solid capital and liquidity position, which will support the further development of the business."

EFG agreed to acquire BSI in a cash-stock deal worth CHF1.33bn in February 2016.

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However, in May 2016, BSI was alleged of violating money laundering regulations in connection with the Malaysian state fund 1Malaysia Development Berhad (1MDB) scandal by the Swiss financial regulator Finma.

At the same time, the Monetary Authority of Singapore (MAS) ordered the bank to shut down its Singapore business due to serious breaches of anti-money laundering requirements, poor management oversight, and gross misconduct by some of its employees.

In August 2016, EFG announced plans to lower its acquisition price for BSI, mainly due to its involvement in the 1MDB scandal.