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January 31, 2012updated 04 Apr 2017 3:44pm

EFG sells Swiss fund business to Credit Agricole

EFG International has sold its Swiss fund administration business SIF Swiss Investment Funds to Crdit Agricoles Swiss asset servicing division CACEIS for an undisclosed sum. The sale is the latest part of a major strategic review at EFG International that began in October last year to re-focus its business on private banking.

By Carlos Martin

EFG International has sold its Swiss fund administration business SIF Swiss Investment Funds to Crédit Agricole’s Swiss asset servicing division CACEIS for an undisclosed sum.

Under the agreement, CACEIS’s Swiss subsidiary will control 20 funds accounting for more than CHF800m ($874m) in assets.

The sale is the latest part of a major strategic review at EFG International that began in October last year to re-focus its business on private banking.

 

Continued cost-cutting drive

The restructuring effort 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.

In January, EFG International closed its Lugano office due to challenging financial conditions and sold EFG Bank Denmark to SEB Wealth management.

The takeover is subject to the approval of the Swiss Financial Market Supervisory Authority (FINMA) and the existing clients of SIF.

 

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