EFG International and BSI to join forces to form a leading Swiss private bank

Demarest advised EFG International ("EFG"), a global private banking and asset management firm headquartered in Zurich, Switzerland and listed on the SIX Swiss Exchange, in the context of the signing of a share purchase agreement for the acquisition of 100% of BSI S.A ("BSI") from Banco BTG Pactual S.A. ("BTG").

The CHF 1.3 billion consideration will be paid in cash and shares and will be subject to price adjustments until the closing date.

Upon closing BTG will hold between 20 - 30 % of EFG and will receive a cash payment of approximately CHF 1 billion.

The completion of the transaction is subject to corporate and regulatory approvals, among other usual ones for this type of transaction.

The combined BSI and EFG business will have approximately CHF 171 billion of client assets and 860 relationship managers globally. The two banks offer complementary platforms and expertise, with a significant presence in Europe, Asia and South America, and will be one of the largest private banks in Switzerland.

Lead partner from Demarest: Thiago Sandim (M&A partner)

All the Demarest's lawyers involved: 

Silvio Venosa (litigation partner)

Newton Marzagão (litigation partner)

Carlos Eduardo Orsolon (tax partner)

João Paulo Minetto (M&A junior partner)

Felipe Koller (M&A associate)

Relevant jurisdictions: Brazil, United Kingdom and Switzerland

Governing law: Switzerland

Jurisdiction for dispute resolution: Switzerland

About BSI

Founded in Lugano in 1873, BSI is one of the oldest banks in Switzerland, with a strong Swiss private banking heritage. In 2015, BTG Pactual became its sole shareholder. As of 31 December 2015, BSI had approx. CHF 88 billion in assets under management, with a focus on Switzerland, Italy and emerging markets. The vast majority of BSI’s assets under management originate from clients with assets in excess of CHF 10 million and between CHF 1 and 10 million. BSI’s global presence includes booking centers in Switzerland, Milan, Paris, Monaco, Luxemburg, Singapore, Hong Kong, Panama, and an office in Bahrain. BSI caters to private clients, external asset managers and institutional clients with currently 676 front-office staff, whereof 398 are private bankers.

About EFG

EFG International is a Swiss pure-play private bank. It was founded in Zurich in 1995 by two entrepreneurs with long-standing experience in Swiss private banking, and went public on the SIX Swiss Exchange in 2005. From the outset, EFG’s majority shareholder (currently 54%) has been EFG Bank European Financial Group (EFG Group), a Swiss holding bank based in Geneva ultimately controlled by the Latsis family interests. EFG’s main booking centers include Switzerland, the UK, Madrid, Monaco, Luxemburg, Hong Kong, Singapore and Miami.