EFG closed the integration with BSI

Swiss private bank EFG International has concluded the integration of all operations of local rival BSI into its platform. The deal came to a close with migration of BSI’s Ticino business to EFG’s IT platform. The merger comprised 15 individual IT migrations this year. With the deal, EFG advances to one of Switzerland's largest private banks, which 147.5 billion in assets under management as of October.

EFG CEO designate Giorgio Pradelli said: “Thanks to effective collaboration and a true team spirit within the bank, we have completed the platform migration of all former BSI businesses ahead of year-end and have thereby concluded the overall integration process of former BSI.”

EFG agreed to acquire BSI from Brazil’s Grupo BTG Pactual in a cash-stock deal valued at CHF1.33bn in February 2016.

In October 2016, the transaction was closed for CHF1.06bn, though the companies did not sign any definitive agreement. In July 2017, the parties agreed on a final price of CHF971m for the deal.

The reduction in the price was mainly connected to BSI’s alleged involvement in the Malaysian state fund 1Malaysia Development Berhad (1MDB) scandal, for which it was ordered by the Monetary Authority of Singapore (MAS) to close its Singapore operations in May 2016.