Switzerland: BSI loses assets amid 1MDB investigation, EFG closes takeover

Author(s): Silke Koltrowitz | Date: November 1, 2016 | Language: English
Source: http://www.reuters.com/ | URL: https://goo.gl/pb9mFw | Type: Text

Swiss private bank EFG International’s newly acquired BSI business suffered net new money outflows of 17.8 billion Swiss francs ($18 billion) in the first 10 months of 2016 amid sanctions over ties to a scandal-hit Malaysian state fund.
EFG said on Tuesday it had completed the acquisition of BSI from Brazil’s Grupo BTG Pactual SA for a preliminary 1.06 billion Swiss francs, 10 million francs more than it estimated in August.
Presentation slides on EFG’s website showed BSI’s net new assets fell mainly due to the “announcements relating to the Malaysia matter in May”.

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