EFG International has completed the legal integration of substantially all of BSI SA’s Swiss business into EFG Bank AG, a 100 per cent subsidiary of EFG International.
As the legal integration in Switzerland has become effective, the renewed EFG brand has been launched.
The legal integration of BSI’s Swiss business was completed with effect from 7 April 2017. 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.
As from now, the combined Swiss business will operate in the market solely under the EFG name. The rollout of the renewed EFG brand has started in all locations where the legal integration of BSI has been completed. In Switzerland, almost all branches and offices have already been rebranded with the new logo. The rebranding of global locations will follow regional timelines. Reflecting the progress in the integration process and the rebranding, EFG International has also launched its new website for the combined business.
The completion of the legal integration of BSI’s current Swiss business marks a major milestone in the integration process, which remains well on track. The integration process in Asia has already completed. More recently, the integration of BSI Overseas (Bahamas) into EFG was also completed. The remaining BSI entities, in Luxembourg and Monaco, are expected to be integrated in the course of the second quarter of 2017.
Joachim H Straehle, CEO of EFG International, says: “With the legal integration of the Swiss business, we took another significant step forward towards realising the full potential of the combined business, providing scale, stability and comprehensive private banking solutions. The rollout of EFG’s renewed brand shows that a new and promising era for our bank and our clients has begun, and it reflects EFG’s promise to deliver Swiss quality private banking driven by an entrepreneurial spirit.”