ZURICH (Reuters) – Switzerland’s EFG International said on Wednesday it had posted a net profit of 321.6 million Swiss francs ($356 million) in 2024, an increase of 6% from the previous year, and that it was acquiring Swiss private bank Cité Gestion.
EFG’s net new assets were 10.1 billion francs, good for a growth rate of 7.1%, and exceeding EFG’s target range of 4-6%.
The Swiss private bank said it would acquire 100% of Cité Gestion with approximately 7.5 billion francs of assets under management, and that the transaction was expected to close in the second half of 2025, subject to regulatory approval.
($1 = 0.9025 Swiss francs)
(Reporting by Dave Graham, editing by Thomas Seythal)
