EFG completes integration, by-bye BSI

Finally, the integration of the Swiss business of Banca Svizzera Italiana (BSI) into EFG Bank has been completed. From this moment, the majority of the customer relationships and employees of BSI are transferred, as EFG referred in a media release. The combined business will now be launched on the market under the name EFG.

EFG International said it completed the legal integration of "substantially all" of BSI SA's Swiss business into EFG Bank AG, a 100 percent subsidiary of EFG International. The remaining BSI entities in Luxembourg and Monaco are expected to be integrated in the course of the second quarter of 2017, EFG said.

"Substantially all of BSI SA’s Swiss business has been transferred to EFG Bank AG by way of an asset transfer pursuant to the Swiss Merger Act. The transfer included client relationships and employees", the statement reported. As from now, the combined Swiss business will operate in the market solely under the EFG name, the Zurich-based bank said.
In March, the bank group announced to cut as many as 450 jobs – two-thirds of them in Switzerland, focusing on cost-cutting target.

EFG had 1,959 full-time-equivalent jobs in banking at the end of the year, which translates to a 10 percent drop from a high in September of 2015, the private bank said. It was also below the bank's own year-end target of 1,990.