2024-05-24 16:59:15
Swiss personal banking group Julius Baer is exploring a possible acquisition of rival EFG Worldwide, Bloomberg Information reported on Friday, citing individuals acquainted with the matter.
It’s unclear whether or not discussions between the 2 corporations will end in a transaction, in accordance with the report.
Swiss personal financial institution EFG Worldwide is valued at greater than $4 billion, in accordance with LSEG information.
Julius Baer and EFG Worldwide declined to touch upon the report.
A deal between the 2 Swiss banks might create an asset supervisor with greater than 500 billion Swiss francs ($547.11 billion) in property beneath administration, in accordance with the Bloomberg report.
The Swiss monetary regulator FINMA has launched an investigation into Julius Baer relating to its danger controls, Bloomberg reported final December. The investigation might complicate giant transactions.
EFG, which has property beneath administration of 142.2 billion francs on the finish of 2023, instructed analysts in February that it was in search of important acquisitions due to its giant surplus capital.
($1 = 0.9139 Swiss francs) (Reporting by Chandni Shah in Bengaluru; Enhancing by Ravi Prakash Kumar)
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