Julius Baer considering potential takeover of Swiss rival EFG, Bloomberg News reports

EFG International AG

24/05/2024 17:59

May 24 (Reuters) - Switzerland's private banking group
Julius Baer  BAER.S  is exploring a potential acquisition of
rival EFG International  EFGN.S , Bloomberg News reported on
Friday, citing people familiar with the matter.
    There is no certainty that the talks between the two
companies will result in a transaction, the report said. 
    Swiss private bank EFG International has a market valuation
of more than $4 billion, according to LSEG data. 
    Julius Baer and EFG International declined to comment on the
report.
    A deal between the two Swiss banks could create a wealth
manager with more than 500 billion Swiss francs ($547.11
billion) in assets under management, according to the Bloomberg
report.
    Switzerland's financial regulator, FINMA, launched an
investigation into Julius Baer over its risk controls, Bloomberg
reported in December last year. The investigation could
complicate large transactions. 
    EFG, which had assets under management of 142.2 billion
francs at the end of 2023, told analysts in February that it has
been looking for meaningful acquisitions given its significant
excess capital.   
    

($1 = 0.9139 Swiss francs)

 (Reporting by Chandni Shah in Bengaluru; Editing by Ravi
Prakash Kumar)
 ((Chandni.shah@thomsonreuters.com;))