BSI Singapore: accelerated procedure for the detection

EFG International announced yesterday its intention to detect the BSI bank's activities in Singapore through an accelerated sale of the assets. The transfer should be completed by November 2016, with the approval of the competent authorities, as indicated in a note.

EFG and BTG Pactual, current BSI Brazilian owner, are going to get permits to finalize the Ticino institute detection by the Zurich-based asset manager. The transaction should be completed during the fourth quarter of this year.

On May 24, the Supervisory Authority of Singapore (MAS) has inflicted a million dollar fine to BSI and ordered the cessation of all activities of the bank in the Asian city-state. The public prosecutor has the same time opened a criminal case against the BSI in connection with the financial scandal linked to the Malaysian sovereign fund 1MDB (1Malaysia Development Berhad).

As a result of this penalty, EFG and BTG agreed to transfer the assets of BSI Singapore before full Ticino institute detection. An agreement to this effect was signed during the day today.

The accelerated operation incorporates the activities of the private bank BSI Bank (Singapore), but also its liquidity, its asset management services, its customers and its employees. For the CEO of EFG Joachim H. Straehle, quoted in the press, "this will enable enhanced security and stability for customers and staff". With this transaction faster than expected the Zurich "group will concentrate fully on the business growth in this important region," added the CEO.