Switzerland: BSI Bank purchase closed at US$1b

witzerland’s EFG International and Brazil’s BTG Pactual have struck a deal on the final price for BSI Bank at just under 1 billion Swiss francs (US$1.04 billion), after billions in outflows at BSI had pushed down the value of the transaction.

Its original price estimate was for 1.3 billion francs (US$1.35 billion) when the transaction was announced in February 2016. Due to the outflows, this eventually came down in March this year to CHF783.9 million, (US$814.6 million) a figure EFG had said it expected BTG to dispute.

EFG said on Monday the pair had now agreed a final price of CHF971 million (US$1 billion) in a mixture of cash, EFG shares and hybrid capital.

Full Content: Reuters

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