The integration of the BSI by EFG bank after its takeover in 2016 was completed last year. Among the various assets, the retail banking sector was also absorbed in Ticino. However, the Zurich-based bank has decided to sell this segment to BancaStato in order to focus exclusively on its main business, private banking. The agreement was reached on Tuesday evening after six months of negotiations, the heads of state and government of the two banks said yesterday in Bellinzone. Zurich, January 6, 2014 – EFG International has reached an agreement with Falcon Private Bank on its Hong Kong operations. Zurich, June 20, 2007 – EFG International will enter the Canadian asset management market following an agreement to acquire Toronto-based Bull Wealth Management Group Inc. There was an excellent agreement between the parties – commented THE CEO of EFG International Giorgio Pradelli . The agreement now allows us to focus on our core skills and strengthen our leadership in Ticino in private banking. At the same time, the agreement with BancaStato guarantees our private and professional customers to be served by a bank specializing in retail.
It is a win-win agreement that was well received today. An argument that also seems to be shared by the market: yesterday, the shares of the Zurich bank, put under pressure for some time, closed with 1.18% to 5.13 francs. Both senior managers were very pleased with the agreement, the financial details of which were not disclosed. In any case, BancaStato will finance the operation with its own resources. The Zurich institute sells to BancaStato a portfolio of 1.2 billion francs of private and commercial accounts that it acquired from BSI – the agreement provides for the transfer of seven employees – The senior management of the two banks: “It is a prince of profits for all”. As part of the agreement, there will be no redundancies, stressed Franco Polloni, head of Switzerland and Italy, but stressed that nothing will change at the industry level for the Ticino offices. To strengthen space, it is necessary to work together and focus on mutual forces, he added. With this transaction, we lay the foundations for future cooperation between the two banks, for example with regard to investment funds and basic banking services. We have plans and we will soon create a joint strategic committee to consolidate the future business partnership. The months-long negotiations included a detailed analysis of the portfolio of 7,000 transferred clients (deemed “perfectly compliant”) and an agreement to avoid layoffs.