Swiss private bank EFG International AG dismissed media reports over a potential acquisition by Julius Bär Gruppe AG as false, saying the claims were unfounded and misleading.

EFG International said principal shareholder EFG Bank European Financial Group SA is not in talks with Julius Bär, adding that it will continue to focus on its growth strategy.

Earlier in December, Swiss news website Inside Paradeplatz reported that Julius Bär CEO Philipp Rickenbacher was discussing a potential deal with EFG's owners.