2019 was a turnaround year at EFG International, but now the Swiss private bank is fending off takeover talk. CEO Giorgio Pradelli talked strategy for Asia and other priorities to finews.com.
How did the rumors about a takeover of EFG by Julius Baer come about?
Normally, we don’t comment on any rumors. And we didn’t initially at the beginning of December either. A week ago, rumors turned into speculation. At that point, we said that they are wrong, unfounded, and misleading.
We are an independent private bank and one of the ten largest such institutions in Switzerland. We don’t need to merge. What counts for us is that we can implement our plan, which we published in March. We mainly aim for organic growth.
There was talk about a secret meeting between the Latsis family, the owners of EFG International, and representatives of Julius Baer. Was that wrong?
Our statement said that not just EFG International, but also EFG Bank European Financial Group repudiated the rumors.
«There is nothing else to say about this»
This means that the Latsis family, which owns 44 percent of EFG International via the Group, distanced itself from the speculation about the alleged sales negotiations.
Did Julius Baer approach you?
There is nothing else to say about this.
Rumors also had it that the Latsis family no longer was fully behind the bank.
That’s wrong. The Latsis family has always supported the company and its growth strategy; if necessary also financially, as for instance in 2016, when it participated in a capital increase.
«John Latsis is taking an increasingly active role»
The commitment is 100 percent, I would say it is more than 100 percent. The family is absolutely behind EFG International.
Who’s the key person in the family in matters that concern the bank?
Spiro Latsis, the founder of the bank, is still very involved, and his son John Latsis, a member of the board sind 2018, also is taking an increasingly active role. He held the opening speech at the opening of our representation in Dubai two weeks ago.
Let’s turn the question around: is EFG International interested in buying another bank?
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