EFG International posts profit rise, to acquire private bank Cité Gestion

EFG International AG

19/02/2025 06:48

ZURICH, Feb 19 (Reuters) - Switzerland's EFG
International  EFGN.S  said on Wednesday it had posted a net
profit of 321.6 million Swiss francs ($356 million) in 2024, an
increase of 6% from the previous year, and that it was acquiring
Swiss private bank Cité Gestion.
    EFG's net new assets were 10.1 billion francs, good for a
growth rate of 7.1%, and exceeding EFG's target range of 4-6%.
    The Swiss private bank said it would acquire 100% of Cité
Gestion with approximately 7.5 billion francs of assets under
management, and that the transaction was expected to close in
the second half of 2025, subject to regulatory approval.
    ($1 = 0.9025 Swiss francs)

 (Reporting by Dave Graham, editing by Thomas Seythal)
 ((dave.graham@thomsonreuters.com))