EFG Bank, EFG International’s business in
Asia, is to take over Commerzbank’s South East Asian team as part
of ambitious plans to expand its Singapore business.
Commerzbank’s private wealth clients are to
transfer over to EFG Bank along with chief executive Henrik
Mikkelsen and its team of client relationship and service
officers.
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EFG International did not disclose the assets
under management of the Commerzbank unit.
The move follows EFG Bank’s recent
representative office opening in Shanghai, allowing the bank to
perform research and general marketing.
Speaking to Private Banker International in February about
its Shanghai opening, EFG Bank Asia chief executive Albert Chiu
said EFG would benefit from its “open-church” private banking
reputation and origin as a multi-family office business, which has
developed into a fully-fledged private bank.
The expanded Singapore office will look to
benefit from this expanded Chinese EFG presence.
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By GlobalDataThe two organizations have agreed on a
referral of Commerzbank’s Asian wealth management clients to EFG
Bank.
EFG Bank currently has about 70 client
relationship officers and more than 130 employees.
EFG Bank also has Asian representation in Hong
Kong, Bangkok, Jakarta, Manila, and Taipei.
