Swiss private banking group EFG International has dismissed media reports regarding its acquisition by Julius Baer.
The company noted that that media articles claiming such a deal are ‘false’ and ‘misleading’.
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The private banking group in a statement said: “EFG International and its principal shareholder, EFG Bank European Financial Group, dismiss speculation regarding an alleged acquisition of EFG International by Julius Baer.
“Multiple recent media articles on this topic are false, unfounded and misleading. No transaction discussions are taking place between EFG Bank European Financial Group and Julius Baer.”
The statement added that the company will continue to focus on its growth and will report its annual results on 26 February 2020 as scheduled.
Headquartered in Zurich, EFG International focuses on providing private banking and asset management services. Its private banking businesses operate in nearly 40 locations globally.
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By GlobalDataLast month, EFG reported assets under management of CHF150.7bn at the end of October 2019.
It registered a 1.7% growth in net new money growth until October driving on its performance in the UK and Continental Europe and Middle East as well as net inflows in Switzerland & Italy.
The bank also unveiled plans to merge its Global Markets and Treasury & ALM units into a consolidated unit- Global Markets & Treasury.
Earlier this month, EFG said that a court ruling in the Banca della Svizzera Italiana case will have no impact on its results.
