EFG International returned to net new money growth in the third quarter. At the same time, the Swiss private bank's advisor ranks thinned following its acquisition of Banca della Svizzera Italiana, or BSI.
The Zurich-based bank's managed assets climbed to 147.5 billion Swiss francs at the end of October, compared to 138.4 billion francs in June, EFG said in a statement on Thursday. Its acquisition of UBI Banca International Luxemburg last year is not included in the total.
EFG's private banker's won 2 billion francs in new money, but suffered outflows of 1.5 billion francs elsewhere, for a net new money tally of 500 million francs. The bank's first half was marred by withdrawals of 5.5 billion, including those linked to its purchase of troubled BSI.
Deal on Track
EFG, which got more than it bargained for when BSI imploded under the weight of the 1MDB scandal midway through the acquisition, underscored the benefits of the deal. BSI will move to EFG's information technology platform in the coming weeks. The move is key to EFG's plan to save an overall 240 million francs by combining the two banks.
Against the backdrop of consolidation, EFG also thinned its banker ranks: the bank had 653 private bankers at the end of October, from 671 in June and well off the nearly 700 at year-end. The bank's total workforce edged lower to 3,364 employees.
