BSI: EFG completed the takeover in Singapore

EFG International has completed the integration of BSI in Singapore, included client relationships and employees, as it referred in a statement today. EFG International announced its intention to acquire Swiss-based BSI before the scandal surrounding 1MDB caught the public's eye.

The operational integration of the Singapore branch marked the first step in the gradual process of migrating BSI's business into EFG International, the bank said. The process of taking over BSI's operations will be executed market by market, according to the statement.
The Zurich-based company will complete the operation by the end of 2017. It paid 1.06 billion Swiss francs for the private bank.

The BSI management had informed the current account holders, last week, the change with the integration of Ticino's oldest bank in EFG group.