EFG International Completes Integration Of BSI In Singapore

Tom Burroughes

16 November 2016

Switzerland’s in Singapore by way of an asset deal, with the acquired business from BSI Bank (Singapore) moved to EFG Bank’s Singapore branch.

EFG announced its purchase of BSI before the latter bank’s Singapore business became embroiled in a scandal surrounding its handling of transactions with Malaysia’s 1MDB, the state-run fund accused of being used for personal gain by politicians and others. The Monetary Authority of Singapore, the city-state’s regulator, earlier this year moved to revoke BSI Bank (Singapore)’s merchant banking licence. In October, the watchdog struck again, banning Falcon Private Bank, also headquartered in Switzerland, from operating for similar lapses relating to 1MDB transactions.

“The transfer of business included client relationships and employees and was conducted after a review of clients had taken place in conformity with applicable regulations,” EFG International said in a statement.

“The completion of the operational integration of BSI in Singapore marks the first step in the gradual process to integrate BSI into EFG International, which is taking place market by market. As previously announced, all necessary legal steps are expected to be completed in the second quarter 2017, and the migration of BSI’s business to EFG’s IT platform is expected to complete by year-end 2017,” it said.

In August this year, EFG International said it expected its purchase price of BSI to be SFr140 million ($143 million) less than originally planned. It bought BSI from Brazil-headquartered BTG Pactual.