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BTG Pactual sells BSI to EFG International

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Private banking and asset management company EFG International (EFG) is to acquire BSI S.A (BSI) in a cash and stock transaction from Banco BTG Pactual (BTG).
 

Private banking and asset management company EFG International (EFG) is to acquire BSI S.A (BSI) in a cash and stock transaction from Banco BTG Pactual (BTG).
 
The final price, which will be determined at closing and which includes BSI’s expected profits up to closing, is expected to be between CHF1.5 – 1.6 billion. At closing, BTG Pactual will have between 20-30 per cent of the combined entity and will receive a cash payment of around CHF1 billion. The completion of the acquisition is subject to shareholder and regulatory approvals.
 
The combined BSI and EFG business will have approximately CHF 171 billion of client assets and 860 relationship managers globally.  The two banks offer complementary platforms and expertise, with a significant presence in Europe, Asia and South America, and together will represent one of the largest private banks in Switzerland.             
 
Marcelo Kalim, co-CEO of BTG Pactual, says: "EFG represents an excellent fit for BSI and the combination of the two entities is a great development for our vision of the consolidation of the Swiss private banking market. We remain confident in Switzerland as a financial centre for global wealth management and we are committed to our long term investment in this new Swiss champion following the combination of the two banks.”
 

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