EFG International is
closing its Lugano office due to challenging financial
conditions.
EFG said that it is
closing the branch, which has been open since 2010, because it had
not made the progress expected.
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The Swiss bank will now
focus exclusively on their private banking businesses in Zurich and
Geneva.
Latest part of
restructure
This closure is part of
a major strategic review that began in October and is expected to
see the Swiss private bank cut staff by 10-15% over the next 18
months, reduce its offices and booking centres internationally and
publicly list EFG Financial Products.
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By GlobalDataEarlier this month, EFG
International sold its Denmark unit.
EFG International
currently operates in 30 countries with approximately 2,500
employees and $85.7bn in assets under management.
