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30 October 2009 - Press Briefing

Swiss private bank plans ‘transformational’ acquisition

EFG International, which has completed more than a dozen wealth management acquisitions since its 2005 flotation, intends to undertake a “transformational acquisition” once it has rebuilt client assets, Jean-Pierre Cuoni, the Swiss private bank’s chairman, told Bloomberg in an interview.

Stressing that EFG has “stopped making smaller acquisitions, certainly for the time being”, Cuoni said that his firm would be keen on a target with nearly SFr50bn (€33.1bn) in assets.

Such a transaction would catapult EFG into the top six Swiss money managers, by boosting its assets to almost SFr130bn, he told Bloomberg.

Tags: Mergers & acquisitions , Wealth management

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