EFG Private Bank Limited, London, was founded in 1989. It has subsidiary operations in Birmingham and Guernsey and a trust company, EFG Reads Trust Company Limited, in Jersey. A total of 240 staff work in the UK and Channel Islands businesses. EFG Eurofinancère d'Investissements SAM in Monaco was founded in 1990 and, with a staff of 35, specializes in investment management services, family office services, hedge fund products and private equity.

With these transactions, EFG Group's international private banking and asset management businesses are now regrouped under the umbrella of EFG Bank. As a result, EFG Group will control two major subsidiary banks: EFG Bank headquartered in Zurich for global private banking and asset management, and EFG Eurobank Ergasias SA a universal bank based in Athens, listed on the Athens stock exchange, with a staff of 15,000 in Greece and throughout Southeastern Europe.

The parties have agreed not to disclose the purchase price. Subject to regulatory approvals, the transaction is expected to close before the end of the year.

"This is an important step and positions EFG Bank optimally in terms of size for a possible IPO later this year," revealed Jean Pierre Cuoni, Chairman of EFG Bank.

"EFG Bank is now a truly global private bank with offices in most important private banking centres around the world," added Lonnie Howell, CEO of EFG Bank.

Commenting on the Monaco acquisition, George Catsiapis, CEO of EFG Eurofinanciere observed that: "EFG Eurofinanciere focuses on specialized investment services for larger investors which is an important complementary capability for our bank's global optimization."

Meanwhile, Pericles Petalas, Chief Executive Officer of EFG Group concluded that: "By integrating our London- and Monaco-based subsidiaries into EFG Bank, we have now regrouped all our international private banking and asset management activities together under one roof, thus streamlining and simplifying our Group structure."

With the acquired operations, EFG Bank will have a worldwide network in over 35 locations and 20 countries, with more than 1,000 staff members. Based on consolidated figures as of June 30, 2005, EFG Bank will account for assets under management exceeding CHF 36 billion (US$29.3 billion), in addition to assets under administration from EFG Private Bank Limited's trust business exceeding CHF 6 billion.