Swiss private bank EFG International has concluded the integration of all operations of local rival BSI into its platform.
The deal came to a close with migration of BSI’s Ticino business to EFG’s IT platform. Overall, the merger included six legal integrations and nine IT migrations. The deal makes EFG one of the largest Swiss private banks with CHF147.5bn in assets reported at the end of October 2017.
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EFG CEO designate Giorgio Pradelli said: “Thanks to effective collaboration and a true team spirit within the bank, we have completed the platform migration of all former BSI businesses ahead of year-end and have thereby concluded the overall integration process of former BSI.”
EFG COO Mark Bagnall added: “Operating on one combined platform, we now aim to deliver the targeted synergies in the next year and to develop our digital strategy further.”
EFG agreed to acquire BSI from Brazil’s Grupo BTG Pactual in a cash-stock deal valued at CHF1.33bn in February 2016.
In October 2016, the transaction was closed for CHF1.06bn, though the companies did not sign any definitive agreement. In July 2017, the parties agreed on a final price of CHF971m for the deal.
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By GlobalDataThe reduction in the price was mainly connected to BSI’s alleged involvement in the Malaysian state fund 1Malaysia Development Berhad (1MDB) scandal, for which it was ordered by the Monetary Authority of Singapore (MAS) to close its Singapore operations in May 2016.
