The Swiss private bank saw a rise in new assets and increased profitability in the first nine months of the year. It also announced changes to its international business.
Zurich-based EFG International increased its on-year profitability and made progress in resolving legacy issues, it said in a statement on Monday.
The Swiss private bank posted net new asset inflows of 6.2 billion Swiss francs ($6.7 billion) in the first nine months of the year, driven by growth in Switzerland, Italy and the U.K. It also said it will close its branch in Milan, Italy, by mid-year 2022 as part of its overhaul of its international business.
Singapore Judgement
This month a Singapore court ruled that EFG International could go after assets used to secure a $200 million loan to a Taiwanese insurance company which went into receivership in 2014.
The insurance company has the right to appeal the decision and EFG is assessing the impact of this Singapore judgment on its end of year financial statements, it says.
