Private banking group
EFG International is a global private banking group offering private banking and asset management services, headquartered in Zurich. EFG International's group of private banking businesses operates in around 40 locations worldwide, with more than 3,025 employees (as of 31 December 2023).
History.
EFG (European Financial Group) International was formed in 1995 by Jean Pierre Cuoni, Lawrence D. Howell, Baron Corso von Habsburg, and several others. The genesis of the bank was by the acquisitions of both the right to operate from the Zurich office of Banque de Deposits and the Swiss operations of the Royal Bank of Scotland.
In 2016, EFG International bought BSI from BTG Pactual for CHF 1.33 billion ($1.33 billion). Less than a year earlier, BTG Pactual had bought the Swiss bank from the Italian Generali for CHF 1.25 billion.
According to EFG and BSI plans, the deal will save them 185 million Swiss francs per year until 2019. The brands of both companies have survived.
In 2023, the bank continued to expand, surpassing its recruitment plan. In the Asian region, the workforce increased from 304 to 337, and 141 CROs were recruited worldwide. Total profit in 2023 rose to CHF 303.2 million ($343.8 million), although in the Asia Pacific region it fell by 43%.
Structure.
EFG International's largest shareholder is EFG Bank European Financial Group, a Swiss bank based in Geneva, holding about 45.4% of its capital. This is in turn a distinct and separate sub-group of European Financial Group EFG (Luxembourg) (“EFG Group”), based in Luxembourg. In addition, BTG Pactual holds 19.8% of EFG International.
EFG Bank is EFG International’s main Swiss private banking subsidiary. EFG Bank is headquartered in Zurich, and has branches and representative offices across Europe, Asia Pacific, the Americas and Middle East. EFG International has a number of other private banking subsidiaries including EFG Private Bank Limited in the UK and EFG Capital in the US.
References.
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