Swiss private bank EFG International will move out of Palazzo Botta in Lugano. The building will be turned into the headquarters of a major regional authority.
EFG International agreed to sell the Palazzo Botta in Lugano to the Ticino regional authorities, according to a statement released by the bank. The bank will receive about 80 million Swiss francs ($80 million) for the building.
The justice department of the Ticino canton will move into the prestige building in about three years time. EFG International will stay in its offices during that period.
Renovation of Lugano Landmark
The Palazzo Botta was named after Mario Botta, a famous architect born in the Ticino region and was the home of the BSI bank before it was taken over by EFG International.
The money it will receive for the building will be booked in the financial statement of 2020, EFG said. It will use the money to renovate Palazzo Riva (the building on the left in the picture below). The bank plans to install state-of-the-art private-banking facilities as well as offices in the historic building.
