Swiss Private Bank EFG To Buy Rival BSI In $1.34 Billion Deal

By Victor ReklaitisMarketWatch Pulse

Swiss private bank EFG International AG plans to pay 1.33 billion Swiss francs, or $1.34 billion, to acquire another Swiss private bank, BSI SA, said EFG in a news release Monday. The combined company will be one of the largest private banks in Switzerland with 170 billion Swiss francs in assets under management, the release said. EFG is buying BSI from BTG Pactual SA , a Brazilian bank whose CEO has been arrested in a corruption scandal.

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