Swiss private bank EFG International has wrapped up the legal and operational integration of local rival BSI’s Monaco operations through a merger.
The merged entity will operate under the EFG brand. The integration took place market by market, starting with BSI’s Singapore operations in 2016, following by BSI’s Hong Kong and Bahamas operations, and BSI’s Switzerland and Luxembourg operations.
The integration of BSI Monaco completes the legal integration of BSI entities into EFG.
EFG agreed to buy BSI from Brazil’s Grupo BTG Pactual for CHF1.33bn in February 2016. However, the deal was closed for CHF1.06bn in November 2016, mainly due to the bank’s involvement in the Malaysian state fund 1Malaysia Development Berhad (1MDB) scandal.
The integration process is anticipated to be entirely completed by the end of this year, with the Swiss IT migration.