EFG CEO Giorgio Pradelli said that the Swiss private bank was considering acquisitions, following the release of its 10-month results.
EFG International CEO Giorgio Pradelli has expressed interest in potential acquisitions, according to a «Reuters» report.
«Our default growth option is organic growth but we would like also to grow through acquisitions,» Pradelli told reporters on Wednesday. «So we see that globally the M&A market is more fluid. We are looking. [W]e work with several investment banks.»
Acquisition Criteria
The criteria for EFG’s acquisition target include players operating in areas where it was already active to achieve cost savings as well as cultural fit, though Pradelli noted there was nothing imminent to disclose.
«Some of our competitors have already acted both in Switzerland but also in the UK and one of our competitors acquired also business in Australia,» he added.
The comments follow the bank’s announcement of its financial results for the first 10 months of 2024 which saw a net profit of more than 260 million Swiss francs ($294 million) compared with 303.2 million francs for the whole of 2023.
