The Swiss wealth manager is disposing of a retail business it came to own after the 2016 acquisition of Banca Svizzera della Italiana, or BSI.
Zurich-based EFG International is selling 1.2 billion Swiss francs ($1.3 billion) in clients assets to Banca dello Stato del Cantone Ticino, the region's cantonal bank, it said in a statement on Wednesday. EFG, which became the owner of these retail client assets when it acquired BSI in 2016, didn't disclose financial details of the deal.
The two disparate banks said they may collaborate in future through mutual client referrals, fund products, and core banking services. The deal means EFG can focus on wealth management as well as its two-year strategic plan.
The Ticino financial center was historically where wealthy Italians banked – a trend that ended with Switzerland's ditching of banking secrecy. More recently, the region has attempted to attract other financial players like fintech start-ups or family offices and commodity traders.
