EFG International has agreed to acquire Quilvest (Switzerland), a private bank headquartered in Zurich.

Financial terms of the deal remain undisclosed.

The acquisition is due to be completed in the third quarter of 2026, pending approval from regulatory bodies.

Quilvest Switzerland was established in 1932 by the Bemberg family from Argentina and is entirely owned by Luxembourg-based Bemberg Capital.

In addition to its Zurich base, Quilvest operates in Montevideo, Uruguay.

The bank manages client assets totalling approximately SFr 5.3bn ($6.8bn), split between CHF SFr3.9bn in assets under management and SFr1.4bn in assets under custody.

Its client base consists largely of ultra-high and high net worth individuals, who account for over 90% of the bank’s managed assets.

These clients are primarily based in Latin America, Western Europe including Switzerland as well as the Middle East.

EFG said that following the acquisition, these clients including members of the Bemberg family will be able to access a broader range of services.

Quilvest Switzerland board member and Bemberg Capital executive chairman Adrien de Boisanger commented: “The partnership with EFG represents a significant advancement for our banking operations. We are confident that this transaction will generate considerable value for all stakeholders, particularly clients and employees, by offering access to a global network and improved client service capabilities within an organisation that shares the Bemberg family’s values and entrepreneurial mindset.

“For Bemberg Capital, this strategic move will strengthen the group’s commitment to its core activities in private capital investments and management, through Quilvest Capital Partners.”

EFG noted that this purchase aligns with its existing strategy regarding mergers and acquisitions, strengthening its operations both domestically and in two major growth markets – Latin America and the Middle East.

Quilvest Switzerland will operate under EFG Bank once the transaction is complete, with

Quilvest Switzerland’s investment expertise and product suite incorporated into EFG’s platform.

The transaction will be settled entirely in cash, with EFG projecting a reduction in its CET1 capital ratio by up to around 70 basis points.

EFG International CEO Giorgio Pradelli said: “We look forward to our future partnership with the Bemberg family and to working with the Quilvest Switzerland team as they add to our growth in Switzerland, the Middle East, and the Americas and to further expanding our holistic client offering.

“The acquisition of Quilvest Switzerland is testament to EFG’s ability to attract partners who share our entrepreneurial culture and our commitment to long-term value creation, across generations.” 

In June last year, EFG subsidiary Shaw and Partners Financial Services announced the acquisition of a 75% stake in New Zealand’s Investment Services Group.