EFG closed the deal with BSI

BSI was acquired by EFG International: the agreement was closed for 1.06 billion francs as announced by the Zurich-based institute, 270 million less than expected and announced in February. The total price is made up of 575 million francs in cash, 86.2 million EFG shares valued at 454 million francs and 31 million francs of AT1 instruments issued by EFG International, as the company reported in a statement.

With about 148 billion in assets and more than 700 client advisors, EFG will acquire "a competitive position on the world market of asset management," the statement said. «The closing of the acquisition marks a historic milestone for both EFG International and BSI,» added Joachim Straehle, CEO of EFG International, according to the statement.

Both are in a particular moment, with EFG which saw its profit halved in the first half of the year, while BSI, in the same period, has suffered a 18.3 million francs – loss.

The BSI has come under investigation earlier this year due to non-transparent business related to the Malaysian sovereign fund IMDB (1Malaysia Development Berhad). The institute is in particular accused of deficient controls over money laundering. In late May, the Financial Market Supervisory Authority (FINMA) has decided the dissolution of the historic Ticino bank and the Attorney General's Office has opened a criminal case against the institute.

FINMA decided to authorize the acquisition of BSI provided by the EFG International, only if it is fully integrated and within twelve months.