EFG International today announces that it has completed the legal and operational integration of BSI in Monaco by way of a merger. This marks the final step in the legal integration of the BSI entities into EFG, achieved on schedule.. …
In line with the previously announced gradual process of integrating BSI into EFG, another significant milestone has been reached with the migration of BSI to EFG Bank in Monaco. With this step, EFG has completed the legal integration of all BSI’s entities worldwide as planned and on schedule.
BSI Monaco SAM, the official name of BSI in the Principality, is now legally and operationally integrated into EFG Bank (Monaco) S.A. The combined business will operate in the market solely under the EFG name and with the renewed EFG brand.
By way of this merger, EFG is further strengthening its presence in the Principality and becomes one of the main Swiss private banks operating in Monaco. It offers fully customised solutions to its clients and remains focused on providing superior service with a long-term perspective in wealth and asset management.
The legal integration of the BSI entities worldwide into EFG took place market by market and has been completed in eight months, in most cases ahead of schedule. The integration of BSI in Singapore was completed at the end of 2016, while EFG integrated BSI in Hong Kong and the Bahamas in the first quarter of 2017. In April and May, the legal integration of BSI’s business into EFG in Switzerland and Luxembourg was also completed.
The last step in BSI’s integration into EFG is now the Swiss IT migration, which is expected to be completed by the end of 2017.