Zurich-listed EFG International has announced plans to acquire 100% of Swiss private bank Cité Gestion.
The transaction, expected to close in the second half of 2025, is subject to regulatory approval and aligns with EFG’s M&A strategy.
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The acquisition is anticipated to enhance EFG’s capabilities in Switzerland and be accretive to earnings per share (EPS) by 2026.
Cité Gestion, with SFr7.5bn ($8.33bn) of assets under management (AUM) as of the end of 2024, reported a net profit of SFr6m in the same year.
The bank employs around 130 people across its headquarters in Geneva and has offices in Lausanne, Lugano, and Zurich.
It specialises in serving ultra-high-net-worth individuals (UHNWIs) from Switzerland, Western Europe, Latin America, and the Middle East.
EFG has also reported a 6% profit increase to SFr321.6m in 2024 from the previous year. The firm’s net new assets (NNA) grew by 7.1% to SFr10.1bn, surpassing its target growth range of 4% to 6%.
AUM climbed by 16% to SFr165.5bn, buoyed by new assets, positive currency effects, and favourable market conditions.
The company’s pre-tax profit for 2024 was SFr381.4m, marking a 14% increase from the previous year.
EFG has proposed a dividend increase to SFr0.60 per share for 2024, up 9% from 2023.
As EFG approaches the end of its strategic cycle, it remains ahead of its 2023-2025 strategic plan and is confident in exceeding its 2025 goals.
The firm stated that it is also on track to deliver its targeted annual cost savings of SFr60m from 2023 to 2025, compared to its 2021 cost base.
Furthermore, EFG International and EFG Bank have nominated Yvonne Bettkober, Luisa Delgado, Wanda Eriksen, and Konstantinos (Kostas) Tsiveriotis as new board members. Subject to regulatory approval where necessary, they will be proposed for election at the Annual General Meeting on 21 March 2025.
