Swiss private bank EFG International has launched a share buyback programme.
Under the initiative, EFG will repurchase up to eight million of its shares.
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The programme begins on 3 June 2019 and ends on 30 June 2020.
Through this move, EFG intends to fund restricted stock units associated with its long-term incentive plan.
“EFG prevents shareholders from experiencing a further annual dilution, due to the issue of shares from conditional capital in connection with its employee incentive plans,” the Swiss bank said in a statement.
At the same time, EFG named Angela Bow as the new deputy head of Asia Pacific.
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By GlobalDataBow, who was handed over the new responsibility on 1 June 2019, will operate out of Hong Kong.
She will report to head of Asia Pacific head Albert Chiu and sit on the Asia Pacific Business Committee.
In the new role, she will be tasked with improving the client experience in Investment Solutions and Wealth Solutions and strengthening the penetration of the bank in key markets.
Bow formerly served as the managing director and head of Japan, Emerging Asia and Intermediaries at Julius Baer.
Earlier, she served as the market group head of Philippines at Credit Suisse.
She previously also worked at UBS Wealth Management and Citibank Private Bank.
Commenting on Bow, Chiu said: “With her global experience in the financial sector, and her extensive knowledge of the private banking industry in Asia in particular, I am convinced that she will make a significant contribution to sustainably growing and developing our business in Asia, which is a strategic growth region for EFG.”
EFG was recently in the news for picking a 51% stake in Australian financial services firm Shaw and Partners.
The Swiss bank reported a profit of CHF70.3m in 2018 as against a loss of CHF59.8m in 2017.
