The Swiss private bank may pull out of Guernsey as part of a cost-slashing exercise.
Zurich-based EFG is considering closing an office in Guernsey, in a move that would let go of roughly 35 employees, the «Guernsey Press» reported on Wednesday. EFG confirmed the plan, but said a decision isn't final. The bank also maintains an office in neighboring Jersey.
«We are currently reviewing our Guernsey business as part of our previously announced international booking centre and footprint rationalization strategy,» a spokeswoman told the local outlet. «Further updates regarding this matter will be announced by EFG as appropriate in due time.»
Whittling Booking Centers
The wealth manager telegraphed the move in April, when it said it would be hard hit by the pandemic. The bank will speed up a previously-planned slimming of its booking centers, and will otherwise seek to centralize its offshore centers through automation as well as new digital solutions for clients.
Its assets crumbled nine percent to 139.7 billion Swiss francs ($149 billion) in the first quarter. Controlled by the wealthy Greek Latsis shipping family, EFG's other major shareholder is BTG Pactual, which holds 29 percent following a 2016 deal over Banca della Svizzera Italiana, or BSI.
