Before even concluding the acquisition of BSI, EFG International already announces the next takeover: The Swiss private bank has agreed to buy a Luxembourg-based business.
EFG International today said it will buy the private-banking business of Italy's UBI Banca International in Luxembourg. The Zurich-based bank assumes assets under management worth some 3.6 billion Swiss francs. EFG said it will pay for the business in cash, without specifying how much.
Expansion in Luxembourg
Through the acquisition, EFG further bolsters its presence in Luxembourg and puts its focus on growth in the European wealth-management business. UBI is offering its banking services to private and corporate clients in Luxembourg.
UBI has excluded its branches in Madrid and Munich from the sale to EFG. The transaction is planned for conclusion in the first half of 2017.
EFG is currently working on the completion of the acquisition of BSI private bank, which will boost assets under management by about 84 billion francs.
