February 22, 2016 / 6:25 AM / 3 years ago

EFG International says to buy BTG's Swiss bank BSI

ZURICH, Feb 22 (Reuters) - EFG International said on Monday it had agreed to buy Grupo BTG Pactual SA’s Swiss-based private-banking unit BSI in a deal worth 1.33 billion Swiss francs ($1.31 billion) that it said would form the fifth-biggest Swiss private bank.

Zurich-based EFG will buy BSI through a mixture of cash and shares, with BTG taking a roughly 20 percent stake in EFG and representation on its board of directors, EFG said in a statement.

EFG will help fund the transaction by raising 750 million Swiss francs in equity and debt.

Two sources with knowledge of the plan told Reuters last week that Sao Paulo-based BTG was in talks to combine BSI with EFG in a transaction that could be announced as early as this week.

$1 = 0.9910 Swiss francs Reporting by Joshua Franklin; Editing by Michael Shields

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