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.