trending Market Intelligence /marketintelligence/en/news-insights/trending/oXkisqgu0JACZKpG459LTg2 content esgSubNav
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us
In This List

EFG International unit to acquire business of BSI Bank (Singapore)

Banking Essentials Newsletter December Edition Part 2

Banking Essentials Newsletter - November Edition

University Essentials | COVID-19 Economic Outlook in Banking: Rates and Long-Term Expectations: Q&A with the Experts

Estimating Credit Losses Under COVID-19 and the Post-Crisis Recovery

EFG International unit to acquire business of BSI Bank (Singapore)

EFG InternationalAG has agreed to buy the business of BSI Bank (Singapore) Ltd. in anaccelerated asset deal signed with BTGPactual Group.

EFG Bank AG'sSingapore branch will make the acquisition. The price will correspond to the asset'stangible book value; the asset purchase agreement will contain a price adjustmentmechanism.

The deal, which is subjectto Monetary Authority of Singaporeand local court approval, is expected to be completed by the end of November andpotentially before EFG International completes the acquisition of BSISA from BTG Pactual, which itself is still subject to regulatory approval.

The transfer of BSI Bank (Singapore)'s business includes itsprivate banking, treasury and wealth management services and clients and staff.

The lender also noted the share purchase agreement with BTG Pactual, regarding the acquisition ofBSI, will be amended to reflect the transfer of BSI Bank (Singapore)'s businessand that the overall purchase price for the acquisition BSI is not expected to change.