EFG Acquires Monaco Private Bank

Contributing Editor

22 May 2006

EFG International has acquired Banque Monegasque de Gestion, the Monaco-based private banking unit of Unicredit. Terms of the transaction were not disclosed. Banque Monegasque has assets under management of SFr1.3 billion ($1 billion), and six client advisors with a total staff of 35. It has operated with a full banking licence in the Principality of Monaco since 1985. EFG International’s existing Monaco-based banking subsidiary, EFG Eurofinancière d’Investissements SAM, and BMG plan to merge their respective activities, according to the Zurich-based bank. “The transaction announced today shows that we are continuing to deliver on our business strategy to increase our number of client relationship officers and clients’ assets through organic growth as well as through selected acquisitions,” said Lawrence Howell, chief executive of EFG International, in a statement.