EFG International has
sold its remaining interest in hedge fund manager Marble Bar Asset
Management, as the group continues to implement its strategy of
focussing on its core private banking business.

The bank will sell its
remaining interest to MBAM’s senior managers for CHF28.8m ($31.6m),
having sold its equity back to the firm’s management in July
2010.

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EFG said the sale would
result in a net gain of CHF7m in the group’s accounts, and was
expected to be completed in the second quarter of this
year.

Strategic
retrenchment

The bank is seeking
buyers for all or part of its French business and intends to float
its structured investment products business, EFG Financial
Products, later on in the year.

This year EFG has
already sold EFG Bank Denmark to SEB Wealth Management, closed
offices in Sion and Lugano and sold SIF Swiss Investment Funds
to Crédit Agricole’s CACEIS.

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In October 2011 the
group announced plans to cut staff numbers by 10-15% over the
following 18 months, to reduce its locations and to focus on its
core competency of private banking.

As Private Banker
International reported at the time, EFG aims to grow its net
new money by 5-10% per annum, while reducing its cost-to-income
ratio to below 75% over the next three years.

Leadership
change

The change in strategy
followed the stepping down in June 2011 of founder and CEO Lonnie
Howell, after the group had issued a profit warning, having been
hit by the strength of the Swiss Franc.

John Williamson stepped
up from leading its UK and Channel Islands business to take on the
role and immediately ordered a strategic review of the
business.