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November 12, 2020updated 17 Nov 2020 11:07am

EFG International continues growth momentum in Q3; makes board changes

Swiss private bank EFG International has registered a steady performance in Q3 2020, with assets under management increasing to CHF151.3bn ($165.1bn).

Net inflows in the quarter were at the top end of its 4-6% target range, the bank revealed in its business update.

The bank further unveiled that it has been able to control expenses with various cost management measures.

Its underlying cost/income ratio at the end of Q3 stood at 80%, which is a decrease of six-percentage-points from the end of the first half of the year.

EFG International CEO Giorgio Pradelli said: “In the third quarter of 2020, we successfully maintained our strong growth momentum, as we focused on providing our clients high-quality service and on executing our strategic initiatives.

“Considering the continued pressure on margins, we will continue to concentrate on further improving profitability by implementing revenue management actions, promoting higher-value products, and executing our cost reduction measures.”

Board and executive committee changes

Spiro Latsis, the bank’s founding member, will not stand for re-election as a member of the board of directors at the next Annual General Meeting scheduled next April and will hand over to the next generation.

His son John Latsis will now serve as the principal representative of the Latsis family and EFG International’s majority shareholder.

John Latsis has been part of EFG International’s board since April 2018 and EFG Bank European Financial Group since 2016.

However, Spiro Latsis will continue to chair the board of EFG International’s majority shareholding, EFG Bank European Financial Group and will also remain part of EFG Bank (Monaco)’s board.

At the same time, Ilan Hayim has been nominated as a new board member of EFG International and EFG Bank.

Besides, he will sit on the board of EFG Bank European Financial Group. Hayim previously had stints at Bank J. Safra Sarasin and HSBC Private Bank, among others.

Additionally, EFG International said that chief risk officer Raj Singh will resign on 31 December 2020 to pursue outside opportunities.

Singh has been working at the private bank since January last year.

 

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