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  1. Wealth
March 18, 2010

WBrief: EFG profits drop 54%

By Spear's

EFG International, the Swiss private banking group, said it made a net profit of SFr101.1 million (around $96 million) in 2009, a drop of 54 per cent from the previous year, but recovered from a weak first half of last year.

EFG International, the Swiss private banking group, said it made a net profit of SFr101.1 million (around $96 million) in 2009, a drop of 54 per cent from the previous year, but recovered from a weak first half of last year.

The bank said it intended to significantly expand its business operations in Switzerland and other parts of the world although as EFG pointed out, it has also shut offices in areas to cut costs while adding to its presence in selected locations.

Assets under management rose by 14 per cent to SFr87.7 billion at 31 December last year, while total clients assets under management and administration stood at SFr97.1 billion at the end of last year.

EFG logged net new assets of SFr8.7 billion, up 12.4 per cent.

To read the full story, visit wealthbriefing.com

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