Banca della Svizzera Italiana or BSI, the oldest bank in Italian-speaking Switzerland, is history. But some work remains to be done in its integration into EFG International.
EFG International, which acquired BSI last year, today said that BSI Monaco had been integrated into EFG Bank (Monaco), both legally and in terms of its operations. This was the final step in the global integration of BSI into EFG International.
The integration process of BSI, which EFG conducted on a market-by-market basis, had lasted for eight months and has been terminated within the timeframe set by the bank. The migration of the IT system in Switzerland will be the last step in the process and is expected to take place by the end of 2017.
Sanctioned at Home and Abroad
BSI, the oldest bank of the Ticino region, is now part of the history books. The bank in spring 2016 had been sanctioned for its part in the scandal surrounding the Malaysian state fund 1MDB both in Singapore and in Switzerland.
