EFG International, a Swiss private banking group, has bolstered its presence in Southern Europe by launching an office in Lisbon, Portugal.

The new office operates as an advisory branch of EFG Bank (Luxembourg) – the Swiss bank’s Luxembourg arm.

EFG already hired eight staff for the new location and is scheduled to start full banking operations in Portugal on 1 September 2019.

In the next three years, the bank intends to double the headcount of the office and take its assets under management to nearly CHF1.5bn.

The bank named Pedro Rego as the head of the Portugal office.

Rego previously had stints at BNP Paribas and Credit Lyonnais Portugal.

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In the new role, he reports to EFG Bank (Luxembourg) CEO Lena Lascari.

EFG head of Continental Europe Region Adrian Kyriazi: “We are pleased to welcome Pedro Rego to EFG and we look forward to working closely with him and to benefiting from his deep understanding and experience of the Portuguese market.

“Together, we will concentrate on expanding our presence in this market, building on our distinctive CRO model.

“Based on our client-centric approach, which focuses on establishing stable, long-term relationships, and drawing on our extensive in-house expertise, Pedro and his team will be able to ideally cater to their clients’ needs – making EFG a private banking partner of choice.”

The latest move comes shortly after EFG’s launch of a multi-custody platform for independent asset managers.