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EFG International AG (EFGN.S)

EFGN.S on Swiss Exchange

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Latest Key Developments (Source: Significant Developments)

EFG announces change to executive committee
Friday, 24 Mar 2017 02:08am EDT 

Efg International Ag : Says franco polloni has been appointed head of central switzerland, ticino & italy region and a member of the executive committee .Polloni replaces Renato Santi, who will leave EFG International after the legal integration of BSI’s Swiss business.  Full Article

EFG CFO says transaction levels quite slow at start of year
Wednesday, 15 Mar 2017 06:17am EDT 

Efg International Ag : EFG International CFO says rate of net new asset attrition at bsi slowed down considerably in march after NNA attrition of 2.3 billion Sfr in Jan and Feb . EFG International CEO says we have a great chance now to gain clients back that left bank during BSI takeover . EFG International CFO says in terms of level of transaction levels, has been quite slow at start of the year . EFG International CFO says expects to receive review of BSI purchase price by seller at beginning of April Further company coverage: [EFGN.S] (Reporting by Zurich Newsroom) ((zurich.newsroom@thomsonreuters.com; +41 58 306 7336;)).  Full Article

EFG International CFO says a good company needs to have a strong dividend
Thursday, 8 Dec 2016 05:10am EST 

EFG International Ag : CFO says a good company in our view needs to have strong capital and liquidity ratios, and a strong dividend . CFO says number one focus for dividend is on capital ratio and number two is performance of underlying business Further company coverage: [EFGN.S] (Reporting by Zurich Newsroom) ((zurich.newsroom@thomsonreuters.com; +41 58 306 7336;)).  Full Article

EFG completes BSI acquisition for preliminary 1.06 bln Sfr
Tuesday, 1 Nov 2016 01:41am EDT 

EFG International AG :Says has completed the acquisition of BSI for a preliminary purchase price of chf 1,060 million.  Full Article

BSI says H1 net profit stood at 66.2 mln Swiss francs
Wednesday, 10 Aug 2016 11:55am EDT 

: BSI says h1 consolidated net profit stood at chf 66.2 million (1h2015: chf 78.1 million), influenced by series of extraordinary items (Reporting By Zurich newsroom) ((zurich.newsroom@thomsonreuters.com; +41 58 306 7336;)).  Full Article

EFG CFO: No need for impairment on life insurance portfolio
Wednesday, 27 Jul 2016 05:45am EDT 

: EFG International CFO says he expects revenue from life insurance portfolio to remain subdued . Efg international ceo says generally our business in uk us quite diversified and so far we haven’t seen too much of an impact from brexit, constraints from uk’s negotiations with eu could have an impact . Efg international cfo says on life insurance portfolio, concluded the balance sheet remains fully recoverable, therefore there is no need to take impairment Further company coverage: [EFGN.S ] (Reporting By Zurich newsroom) ((zurich.newsroom@thomsonreuters.com; +41 58 306 7336;)).  Full Article

EFG International to take over BSI’S business in Singapore in accelerated asset deal
Thursday, 14 Jul 2016 12:06pm EDT 

EFG International Ag : Says to take over BSI’s business in Singapore in an accelerated asset deal .Subject to obtaining required approvals, the migration of the acquired part of the business is planned to complete by the end of November 2016 at the latest..  Full Article

EFG International announces future management structure after closing of BSI acquisition
Tuesday, 5 Jul 2016 01:14am EDT 

EFG International AG : Announces future management structure after closing of acquisition of BSI . Extraordinary general meeting will be held on July 26 .Proposes to EGM creation of additional authorized capital of 15,000,000 registered shares.  Full Article

BSI says Roberto Isolani to replace Stefano Coduri as group CEO
Tuesday, 24 May 2016 01:20am EDT 

: BSI says takes note of the announcements by FINMA and MAS in relation to past compliance gaps related to the 1mdb case . BSI says integration process with EFG is progressing smoothly and as previously announced, once the transaction closes, BSI will be fully merged and integrated into EFG . BSI says Monetary Authority Of Singapore (MAS) will be allowing the transfer of the assets and liabilities of bsi bank limited (BSI’s Singapore subsidiary) to the Singapore branch of EFG bank ag . BSI says financial penalties levied by FINMA and MAS will be paid from BSI’s general reserves for banking risks . BSI says Stefano Coduri decides to step down with immediate effect. Roberto Isolani appointed group CEO . BSI says has undertaken steps to strengthen management, including introduction of a new chief risk officer and the appointment of a new group legal counsel (Reporting By Zurich newsroom) ((zurich.newsroom@thomsonreuters.com; +41 58 306 7336;)).  Full Article

EFG International says fine in 1MDB case will result in reduction in BSI purchase price
Tuesday, 24 May 2016 01:15am EDT 

EFG International Ag : Says receives approval from the Swiss financial market supervisory authority FINMA regarding the proposed acquisition of BSI . Says transaction is on track and is expected to complete at the latest in the fourth quarter of 2016, as originally announced . Says taken note of FINMA’s and MAS' press releases in connection with the BSI related 1MDB matter . Says share purchase agreement with BTG Pactual has an indemnity in relation to these and certain other matters up to the overall purchase price . Says indemnity backed by material Swiss escrow account which, at closing, will contain 51.0m EFG shares issued to BTG as consideration, with shares locked up for 2 years .Says the fine and the penalty will result in a reduction in the purchase price and that the indemnities and escrow account remain unchanged.  Full Article

UPDATE 1-EFG International outflows continue, posts 2017 loss

ZURICH, Feb 28 EFG International on Wednesday reported a worse-than-expected 2017 net loss as customer outflows continued and it absorbed integration costs from its takeover of rival Swiss private bank BSI.