EFG International SFr1.06 billion acquisition of BSI

Overview:

• EFG International has acquired Swiss bank BSI for SFr1.06 billion from Brazilian bank BTG Pactual.
• The deal is set to create the fifth biggest Swiss private bank.
• The deal will see BTG Pactual owning around 20% of EFG. EFG itself will own 35% of the combined entity.
• The deal comes less than a year after BTG acquired the bank from Assicurazioni Generali for SFr1.25 billion.
• The swift sell on (according to Bloomberg) is part of a wider asset sale in the wake of corruption charges leveled against the bank's former CEO Andre Esteves.

Rani Mehta - Journalist