Zurich-headquartered private banking group EFG International has completed the legal and operational integration of BSI in Luxembourg by way of a merger, including the BSI branch in Italy.
Therefore the acquired business from BSI’s entity in Luxembourg, including the BSI branch in Italy, has been transferred to EFG Bank in Luxembourg.
BSI (Europe) which was the official name of BSI in Luxembourg has been rebranded to EFG Bank (Luxembourg).
The group said that the merger enables the EFG brand to be introduced in Italy for the first time.
For the combined business, Italy is one of the strategic markets, and EFG is present in Milan, Como and Genoa, EFG added.
Franco Polloni will oversee the group’s development in Central Switzerland, Ticino & Italy Region as from 1 August 2017 at the latest.
Last November, EFG International (EFGI) has completed the acquisition of BSI from BTG Pactual for a preliminary purchase price of CHF1.06bn (€977.3m).
EFG International’s assets under management with the purchase of BSI were amounting to CHF148bn (€136.4bn) as of 31 October 2016.