EFG profit.

Kathimerini English - - Front Page -

Swiss pri­vate bank EFG In­ter­na­tional yes­ter­day posted a 53.5 per­cent year-on-year drop in first-half net profit, a smaller de­cline than an­a­lysts had forecast. Zurich-based EFG said net profit for the first six months of 2016 stood at 22.3 mil­lion Swiss francs ($22.5 mil­lion) from 48 mil­lion francs a year ear­lier, ahead of the Reuters poll av­er­age es­ti­mate of 19 mil­lion francs. In Fe­bru­ary EFG, whose largest stake­holder is Greece’s wealthy Lat­sis fam­ily, agreed to buy Grupo BTG Pac­tual SA’s Swiss pri­vate bank­ing unit BSI. EFG has is­sued new shares to help fund the deal, which it hopes it will make it one of Switzer­land’s five biggest wealth man­agers.

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