EFG International has completed the sale of its remaining stake of 20.25% in EFG Financial Products to Notenstein Private Bank, a subsidiary of Raiffeisen Switzerland,for CHF 70.2 million (1,350,000 shares at CHF 52 per share). The transaction, which was announced on 12 March 2013, was closed on 23 April 2013.
EFG International’s representatives on the board of EFG Financial Products – John Williamson, Giorgio Pradelli and Frederick Link – stepped down upon completion. The completed sale is in keeping with EFG International’s desire to focus on its core business of private banking.
EFG International is a global private banking group offering private banking and asset management services, headquartered in Zurich. EFG International’s group of private banking businesses operates in around 30 locations worldwide, with circa 2,000 employees.