EFG International’s Swiss private banking
business, EFG Bank, has opened an office in Lugano as part of
ambitious plans to develop its Swiss business.

The office is made up of an initial team of
six client relationship officers led by Piergiuseppe Vescovi,
formerly a director responsible for wealth management at the Lugano
branch of Banque de Dépôts et de Gestion.

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Existing On Finance presence in
Lugano

EFG International is already represented in
Lugano by On Finance, a financial services boutique acquired by EFG
in 2008 on undisclosed terms.

On Finance focuses on independent investment
managers and family offices, and specialises in the origination and
distribution of structured products and financial advisory
services.

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EFG’s founder Jean Pierre Cuoni was presented
with the 2010 Lifetime Services Award at the 20th
Private Banker International Awards in Singapore last
week.