In the first half of 2020, EFG successfully demonstrated its operational and financial resilience and achieved profitable growth while executing its 2022 strategic plan, against the backdrop of the coronavirus pandemic (COVID-19).
EFG International is continuing to systematically execute its 2022 strategic plan with a focus on achieving sustainable and profitable growth. As part of these efforts, EFG has made strong progress with its strategic business initiatives and CRO hiring in the year to date, while realising significant cost synergies.
The Board of Directors of EFG International and EFG Bank is today announcing the nomination of Peter Fanconi as its new Chair and of Amy Yip as a new member of the Board of Directors, subject to the approval of shareholders at the Annual General Meeting in April 2020. John Williamson, EFG’s current Chair of the Board, has decided not to stand for re-election at the next AGM.
EFG International is executing its growth strategy as presented on 13 March 2019 and expanding its footprint in the Middle East with the establishment of a new presence in Dubai, United Arab Emirates. Having received the necessary regulatory approvals from the Dubai Financial Services Authority, EFG’s new advisory office is expected to be fully operational by 11 December 2019. It will be headed by Sascha Pietrek, effective 01 November 2019.
EFG International formally commenced operations in Lisbon, Portugal, on 01 September 2019, as previously announced. Following the successful launch of this new branch of its Luxembourg entity, EFG Bank (Luxembourg) S.A. − and to further strengthen its private banking business in the country in line with its 2019-2022 strategic plan − EFG is today announcing the appointment of Bernardo Meyrelles do Souto as the new Country Head Portugal, effective immediately.
The Board of Directors of EFG International and EFG Bank is today announcing the appointment of Amy Yip as the new Chair of the Asia Pacific Advisory Board, effective immediately. In this role, she will help drive and oversee the further expansion of EFG’s business in Asia Pacific, in line with its 2022 strategic plan.
EFG is executing on its 2022 strategic plan that is focused on achieving profitable growth and effective capital deployment by advancing its business initiatives, hiring CROs and further developing its international footprint.
In line with its 2019-2022 strategic plan, EFG International is expanding its footprint in Southern Europe with the opening of a presence in Lisbon, Portugal, as a branch of its Luxembourg entity, EFG Bank (Luxembourg) S.A. Following the granting of regulatory approvals, EFG is currently in the process of establishing its business in Portugal, which it expects to be fully operational by 01 September 2019. Pedro Rego has been appointed as the new Head of EFG’s Portugal branch, effective as of the official registration on 23 May 2019.
As part of its 2019-2022 strategic plan, EFG International is enhancing its global offering for Independent Asset Managers by expanding its services to include a comprehensive multi-custody platform. The new platform is being developed in partnership with AM-One AG, a subsidiary of Expersoft Systems AG, which is one of the leading providers of innovative software solutions for asset and wealth managers. The new offering will be launched on 01 September 2019. With this step, EFG aims to further strengthen its global coverage of the Independent Asset Manager segment.
As initially announced in its media release of 26 April 2019, EFG International AG intends to repurchase up to eight million of its own registered shares. The share buyback programme starts on 03 June 2019 and will last until 30 June 2020 at the latest.
At today’s Annual General Meeting, EFG International’s shareholders approved all proposals made by the Board of Directors, including the management report, the financial statements and the consolidated financial statements for the financial year 2018.
In the context of today’s Annual General Meeting, EFG International provides an update on its year-to-date business performance. In addition, EFG intends to repurchase shares from the market to fund its employee incentive plans.
In 2018, EFG returned to net profit and raises dividend to CHF 0.30, as it emerges from BSI integration. In addition, EFG enlarges its presence in Asia Pacific with the acquisition of a majority stake in the Australian financial services provider Shaw and Partners, subject to regulatory approval. Looking ahead, EFG announces its 2022 strategic plan to deliver profitable growth with effective capital deployment.
EFG International maintains profitable growth amid an ongoing change process, generating underlying net new asset growth and realising cost synergies as planned in the period from July to end-October 2018.
EFG International plans to relaunch its domestic Italian business and has appointed Giorgio Angelo Girelli as the new Head of its Milan branch, effective 01 December 2018 and subject to regulatory approval.
EFG International announces the appointment of Ranjit Singh as its new Chief Risk Officer and a member of the Executive Committee, effective 01 January 2019 at the latest and subject to regulatory approval.
EFG International today announces that it will combine its Legal and Compliance functions into a single division under the leadership of Yves Aeschlimann as new Group Head of Legal & Compliance, who will join the firm to become a member of EFG International’s Executive Committee, effective 01 May 2019 at the latest and subject to regulatory approval. Vittorio Ferrario, Group Chief Compliance Officer, has decided to leave EFG at the end of the first quarter of 2019 after having successfully completed the BSI integration and substantially strengthened EFG’s regulatory compliance framework.
EFG International has noted today’s announcement of the nomination of Thomas A. Mueller for election to the Board of Directors of Raiffeisen Switzerland, which is expected to take place on 10 November 2018. As of that date, Thomas A. Mueller will step down from his current role as Member of the Executive Committee and Chief Risk Officer of EFG International. EFG will announce a successor in due time.
EFG International is strengthening its regional management team in Asia and today announced the appointment of Tho Gea Hong as CEO of EFG’s Singapore branch, subject to regulatory approval, and Ivan Ferraroni as Head of Global Markets Asia.
As initially announced in its media release of 27 April 2018, EFG International AG intends to repurchase up to six million of its own registered shares. The share buyback programme starts on 27 July 2018 and will last until 30 April 2019 at the latest.
In the first half of 2018, EFG returns to profitable growth amid an ongoing change process, generating positive net asset inflows and increasing underlying profitability through the realisation of targeted cost synergies. EFG continues to deliver on its strategy and to strengthen its competitive market position.
EFG International announced today that it is realigning its executive leadership teams in order to strengthen the focus and responsiveness of the company’s governance structure. EFG International’s Executive Committee will be composed of six members in future. A new Global Business Committee will comprise 13 members, including the heads of EFG’s global regions. EFG’s business in Switzerland, its largest market, is currently divided between two units, which will be combined. The changes take effect on 01 July 2018.
At today’s Annual General Meeting, EFG International’s shareholders approved all proposals made by the Board of Directors, including the management report, the financial statements and the consolidated financial statements for the financial year 2017.
In the context of today’s Annual General Meeting, EFG International provides an update on its business performance. In the year to date, EFG saw underlying net new assets grow within its target annualised range of 3-6%, while also continuing to realise operating cost synergies. EFG intends to repurchase shares from the market to fund its employee incentive plans.
EFG International today announces that Christian Flemming has been appointed Chief Operating Officer and a Member of the Executive Committee, effective 15 January 2018. Mark Bagnall, EFG’s current Chief Operating Officer, will assume the role of Chief Technology Officer, and Peter Fischer will step down as Head of Strategy.
EFG International announces that it has completed the migration of all former BSI businesses onto EFG’s IT platform. With this step, EFG concludes the overall BSI integration process just over a year after the closing of the acquisition.
The Board of Directors of EFG International announced today that it has nominated Mr. Fong Seng Tee for election to its Board of Directors at the next Annual General Meeting in 2018. In addition, Mr. Tee will chair EFG’s Advisory Board for Asia, which will be established by end-2017. The new Advisory Board will provide guidance and expert advice to support the bank’s growth strategy in Asia.
EFG International is pleased to announce that it will maintain its Italian domestic presence in Milan, following the notification of Banca d'ltalia to remove its restrictive order and to dismiss the administrative proceedings relating to the former BSI offices in Italy, as communicated in May 2017.
EFG International announces that it has completed the acquisition of the Luxembourg-based private banking activities of UBI Banca International (Luxembourg) S.A. from Unione di Banche Italiane S.p.A., with revenue-generating Assets under Management of approx. EUR 2.4 billion and approx. EUR 1.5 billion of Assets under Custody.
Following the successful completion of the platform migration of the former BSI businesses in Zurich and Geneva onto EFG’s IT platform, EFG International announces the appointment of Giorgio Pradelli as EFG’s new CEO effective 1 January 2018. Joachim H. Straehle has announced his retirement as of end-2017, when the full integration of former BSI into EFG is expected to be completed. Dimitris Politis will succeed Giorgio Pradelli in his role as CFO, and Renato Cohn has been appointed EFG’s future Deputy CEO.
Following the completion of the acquisition of BSI on 31 October 2016 and in order to agree the final price for BSI, EFG International and BTG Pactual have been in discussion in relation to the closing accounts for BSI as at that date. EFG International and BTG Pactual have now agreed that the final price to be paid for BSI willcomprise the 86.2 million EFG International shares and CHF 31 million of EFG International AT1 instruments already issued at completion (both unchanged) and a cash consideration of CHF 486 million. Based on the EFG International share price of CHF 5.27 as at closing, the final price is equivalent to CHF 971 million (vs. CHF 1,060 million estimated as at 31 October 2016).
EFG International today announces that it has completed the legal and operational integration of BSI in Monaco by way of a merger. This marks the final step in the legal integration of the BSI entities into EFG, achieved on schedule.
EFG International today announces that Marcelo Coscarelli, Member of the Executive Committee, will assume responsibility for the Latin America Region as of 1 J uly 2017 bringing the region under one sole leadership. Gerald Robert, current Head of Latin America Region and a Member of the Executive Committee, has decided to step down from these roles and will retire from the company.
EFG International today announces that Michael Vlahovic has been appointed Head of Private Banking UK, effective 1 July 2017, subject to regulatory approval. He will be based in London and will directly report to Anthony Cooke-Yarborough, Head of UK Region and member of EFG International’s Executive Committee.
EFG International announces that BSI has received a notification by Banca d’Italia requesting the implementation of certain measures, which may result in a closure of the BSI offices in Milan and Como. The measures relate to alleged administrative weaknesses pre-dating the completion of EFG’s acquisition of BSI. EFG is assessing the legal situation and is in contact with Banca d’Italia, inter alia because the policies, procedures and other measures enacted upon completion of the acquisition of BSI by EFG in November 2016 have not been considered. The BSI Milan and Como offices, which focus on onshore services, combine less than CHF 1 billion in assets under management.
EFG International hosts its Annual General Meeting today at 14:30 CEST in Zurich. In this context, EFG also provides an update on the integration process and its business performance in the first quarter of 2017.
EFG International announces completion of legal integration of BSI’s Swiss business and launches its renewed brand
EFG International today announces that it has completed the legal integration of substantially all of BSI SA’s Swiss business into EFG Bank AG, a 100% subsidiary of EFG International. As the legal integration in Switzerland has become effective, the renewed EFG brand has been launched.
EFG International (Guernsey) Limited successfully places Tier 2 regulatory capital
EFG International announces that USD 400 million of Tier 2 Resettable Subordinated Notes due 2027 issued by EFG International (Guernsey) Limited and guaranteed by EFG International AG on a subordinated basis have been placed with investors.
EFG International announces change to its leadership team
EFG International today announces that Franco Polloni has been appointed Head of Central Switzerland, Ticino & Italy Region and a Member of the Executive Committee, effective 1 August 2017 at the latest. He will succeed Renato Santi, who will leave the firm after the integration of BSI’s Swiss business into EFG, planned to take place in the course of April 2017.