EFG International Acquires Swiss Private Bank
Swiss private bank EFG International expects its latest acquisition to further strengthen its presence and capabilities in Switzerland. The firm anticipates that the transaction will be EPS accretive by 2026.
EFG International will acquire 100 percent of the Geneva-based private bank Cité Gestion. The closing of the transaction is expected in the second half of 2025 and is subject to regulatory approval, EFG announced on Wednesday.
The acquisition is fully in line with EFG’s previously announced M&A strategy and criteria, represents a good cultural fit, and will further strengthen EFG’s presence and capabilities in Switzerland, the bank added. It is expected that the transaction will be EPS accretive by 2026. EFG expects the acquisition to adversely impact its CET1 capital by approximately 100 basis points.
Offices in Switzerland, Western Europe, and the Middle East
Cité Gestion manages approximately 7.5 billion francs of Assets under Management (AuM) as of end-2024 and generated a net profit of around 6 million francs in 2024.
The firm has around 130 employees. Besides its headquarters in Geneva, Cité Gestion has further offices in Lausanne, Lugano, and Zurich. Its multi-custody business focuses on serving UHNWIs domiciled in Switzerland, Western Europe, Latin America, and the Middle East.
Well Ahead of the Plan
As it begins the final year of its strategic cycle, EFG is well ahead of its 2023-2025 strategic plan and remains confident about its ability to exceed its 2025 ambition, the bank added. EFG is confident that it can continue to generate consistent financial results and create value for clients, shareholders, and other stakeholders.
The strategic investments that EFG has made in recent years to accelerate its growth momentum are expected to further support revenues and profit in 2025 and beyond. At the same time, EFG will accelerate the transformation of the bank to further improve client experience, operational excellence and scalability.
Process Optimization
It aims to enhance its operational efficiency through process optimization, automation, and digitalization. This includes targeted cost measures. EFG is confident that it can deliver the previously announced annual cost savings of 60 million francs in the period from 2023 to 2025 compared to its 2021 cost base.
