Zurich-based sells CHF 1.2 billion portfolio to BancaStato to private and commercial accounts it had acquired from the BSI – The agreement provides for the transfer of seven employees – The senior management of the two banks: “This is an agreement concluded for all” Zurich, 20 June 2007 – EFG International enters the asset management market in Canada, after an agreement to take over the Bull Wealth Management group based in Toronto Inc. As part of this agreement, there will be no redundancies, stressed the Swiss and Italian head of the EFG Franco Polloni, stressing that nothing would change at the sector level for the Ticino offices. To strengthen the place, it is necessary both to work together and to focus on mutual assets – he added. With this operation, we are, among other things, laying the foundations for future cooperation between the two banks, for example in the field of investment funds and basic banking services. We have plans and we will soon create a joint strategic committee to consolidate the future business partnership. Zurich, 6 January 2014 – EFG International has entered into an agreement with Falcon Private Bank for its operations in Hong Kong. The months of negotiations included a detailed analysis of the portfolio of 7,000 transferred customers (deemed “perfectly compliant”) and an agreement to avoid layoffs. Affected customers – including EFG employee payroll accounts – do not change prices or performance. EFG Bank`s integration of BSI following the acquisition in 2016 was completed last year.
Among the various assets, the retail sector of Ticino was also absorbed. The Zurich bank has decided to sell this segment to BancaStato to focus exclusively on its core business, private banking. The deal was reached on Tuesday night after six months of negotiations, the heads of the two banks in Bellinzona said yesterday. It allowed an excellent understanding between the parties – commented the CEO of EFG International Giorgio Pradelli. The agreement now allows us to focus on our core competencies and strengthen our leading position in Private Banking in Ticino. At the same time, the agreement with BancaStato ensures that our retail and professional clients will be taken care of by a bank specialising in the retail segment. It is a successful agreement for all, which has been well received today. .