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Deals & Cases

Schellenberg Wittmer advises EFG bank on acquisition of BSI bank

24.02.2016 – The Swiss listed private bank EFG International AG agreed to acquire the Swiss bank BSI SA from Banco BTG Pactual S.A. for a purchase price of approx. CHF 1.328 billion.

Schellenberg Wittmer advised EFG International AG, a Swiss private bank listed on SIX Swiss Exchange, in the acquisition of BSI SA, one of the oldest banks in Switzerland, headquatered in Lugano, from Banco BTG Pactual S.A., Brazil, for a purchase price of approx. CHF 1.328 billion to be paid in cash (CHF 975 million) and through issuance of shares in EFG International. The combined bank will become one of the largest private banks, with combined assets under management of approx. CHF 170 billion as of 31 December 2015. As a result of the transaction, BTG Pactual will have a stake of approx. 20% in EFG International. The transaction is subject to shareholder and regulatory approvals. Closing is expected to occur in the fourth quarter of 2016.

Schellenberg Wittmer acted as lead counsel to EFG International AG. The Schellenberg Wittmer team was led by partners Oliver Triebold and Martin Weber (corporate/M&A) and further comprised the partners Olivier Favre and Martin Lanz (banking and finance, capital markets), Roland Mathys (ICT), Peter Burckhardt (Litigation/Compliance) as well as senior associate Pascal Hubli (corporate/M&A) and associates Zlatina Iliev and Marcel Jakob (both corporate/M&A).