EFG International is bulking out in Portugal by hiring Deutsche Bank's former top banker in the country.
The Zurich-based bank is hiring Bernardo Meyrelles do Souto to run its business in Portugal, it said in a statement on Tuesday. Meyrelles, who is currently Deutsche Bank's country head, will run a Lisbon office the Swiss wealth manager opened three weeks ago.
Meyrelles replaces Pedro Rego, who had built up EFG's business in Portugal and will remain in senior management. EFG's target for the Portugal branch is to attract assets under management of 1.5 billion Swiss francs ($1.5 billion) by 2022, as finews.com reported.
Southern Europe Focus
Before Deutsche Bank, Meyrelles worked for Santander. Besides Switzerland, Portugal and Italy represent EFG's strongest European growth markets.
«The start of our operations in Portugal marks a major milestone in our strategy to strengthen our footprint in Southern Europe,» EFG continental Europe boss Adrian Kyriazi said in a statement.
