Zurich-based EFG International more than doubled its 2024 net profit in Asia. It will continue to drive growth through various strategic priorities, including more hiring of relationship managers.
In 2024, EFG International’s Asia Pacific business saw net profit grow by over 124 percent to 29.6 million Swiss francs ($32.7 million), according to the bank’s financial results. This was driven mainly by a 36 percent surge in net banking and fee commission income to 123.8 million francs.
Assets under management (AUM) in the region rose 23 percent to nearly 38 billion francs with 4.3 billion francs of net new assets, primarily attributable to newly hired client relationship officers (CRO).
Globally, net profit increased 6 percent to 321.6 francs. AUM grew 16 percent to 165.5 billion francs with 10.1 billion francs of net new assets.
Three Growth Pillars
Moving forward, the Swiss private bank highlighted three growth levers for its business in APAC.
Firstly, it will continue to focus on strategic CRO hiring in attractive markets and client segments. Secondly, it will grow its existing business in Hong Kong and Singapore through a «refined credit offering, increased penetration of higher margin and income-generating products and a roll-out of the digital trade execution platform for clients and [independent asset managers]. Thirdly, it will fully realize synergies from the acquisition of Australian wealth manager Shaw and Partners and increase the scale of the business through its Singapore hub.
