Swiss private bank EFG International has concluded the acquisition of a 51% stake in Australian financial services firm Shaw and Partners after securing regulatory nod.

The cash-stock deal was first announced last month.

Shaw and Partners will eventually be consolidated into EFG.

The deal consideration includes cash payment and issuance of 2.1 million EFG shares.

The share issuance will be subject to a three-year lock-up period.

The Swiss bank has already paid 70% of the transaction cost on closing.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The rest of the money will be offered in two tranches- one on 30 June 2020 and another a year after that.

EFG expects the acquisition to have a “marginal impact” on its capital ratios.

Commenting on the takeover, EFG said: “The acquisition of the Australian financial services provider considerably enlarges EFG’s coverage in the Asia-Pacific region, providing immediate access to the Australian market, one of the most attractive and fastest growing wealth management markets worldwide, and strengthening the bank’s China offshore business.

“Building on the partnership with Shaw and Partners, which is a successful domestic player with a well-regarded and recognised brand in the region, offers significant growth opportunities for both parties.”

Shaw and Partners has six offices in Australia and adviser headcount of 150.

The business currently oversees around CHF11.5bn in assets.