01 Nov 2016
EFG International has closed its purchase of Swiss bank BSI SA for about a quarter less than the originally anticipated price, after BSI shed billions of Swiss francs in managed assets amid investigations into its role in the alleged misappropriation of money from Malaysian state investment fund 1Malaysia Development Bhd.
Zurich-based bank EFG said in a statement on Tuesday that it has acquired BSI for 1.06 billion Swiss francs ($1.07 billion). EFG had originally announced plans in February to buy BSI from its Brazilian owner BTG Pactual for about 1.33 billion francs.
The original agreement was made before a flood of revelations about the alleged use of BSI to funnel money that had been misappropriated from the Malaysian state fund, known as 1MDB.
Advance your CPD minutes for this content, by signing up and using the CPD WalletFREE CPD Wallet