BSI Singapore will continue to operate regularly

BSI can now continue to work in Singapore, despite the announcement yesterday by the local authorities of serious violations of anti-money laundering rules. The decision of the Monetary Authority of Singapore (MAS) to prevent the Ticino bank to operate in the country will come into force at a later date.

"In this way we want to allow to transfer the assets of BSI to EFG International", BSI indicates in a statement today.

Furthermore the Ticino institution explained that the bank is not affected by insolvencies and is in a good liquidity situation. The bank also will not suffer negative consequences from the penalties imposed by Mas and FINMA. Both fines will be paid out of the general reserve for banking risks.

The Authority of the financial markets supervision (FINMA), we recall, announced that the historic Ticino bank will be dissolved on account of deficient controls with respect to money laundering. The BSI can be acquired, as expected, by EFG International, provided it is integrated completely and then wound up within twelve months.