Swiss private bank EFG International will go
ahead with its planned initial public offering of its structured
products business in Switzerland in the fourth quarter, subject to
market conditions.
The move will see EFG International reduce its
stake in Zurich-based EFG Financial Products Holdings, which will
be listed on the SIX Swiss Exchange, from 57% to no less than
20%.
EFG said it hoped the overhaul will renew its
focus on private banking and strengthen its core 1 capital,
objectives outlined in the bank’s business review in October last
year.
EFG’s global overhaul
EFG announced in its annual report, released
in July, that plans to restructure the bank that were set out in
last year’s review are on track.
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By GlobalDataIn the review a number of key changes were
reported:
- The number of client relationship officers that stood at 660 in
2011 has substantially dropped to 503. - EFG reported that since October last year it has closed or is
in the process of selling businesses in France, India and
Canada. - Non-core businesses have also been exited, as a result of EFG
International’s strategy to return to a single focus on private
banking: - The business of SIF Swiss Investment Funds SA was transferred
to CACEIS, and negotiations are currently being formalised with
regard to OnFinance, EFG International’s Lugano-based financial
services boutique. - Office locations have been reduced by 20 in eight different
geographic regions globally as a result of the closure of
loss-making businesses.