EFG International, the Swiss-based private banking group, has announced that it has been awarded licences by the authorities of the Bahamas and Luxembourg to sell private banking services to international clients. In addition, the bank also announced the opening of EFG Trust (HK) Limited, a new trust administration office for Asian clients.
EFG Bank & Trust (Bahamas) Limited, which has been awarded a banking and broker-dealer license by the Central Bank of the Bahamas, will specialize in providing private banking and trust services to an international client base.
EFG says that the licence will enable the bank to "grow organically" in the region, while also serving the Bahamian private banking clientele acquired from Barcelona-based Banco Sabadell in 2005.
EFG Bank (Luxembourg) S.A., which has been awarded a banking licence by the Commission de Surveillance du Secteur Financier in Luxembourg, will also focus on private banking services to international clients.
EFG Trust (HK) Limited, a subsidiary of EFG Offshore Limited - one of the largest trust companies in Jersey - will market EFG Offshore's trust and fund administration services from its base in Hong Kong. It will also provide trust support to EFG International's offices in Asia.
"With the addition of two fully licensed banks in the Bahamas and in Luxembourg we are continuing our pursuit to grow organically, in addition to growth through acquisitions," explained Lawrence D. Howell, CEO of EFG International.
"We are also very pleased to announce the opening of our new trust office in Hong Kong, which will allow us to offer locally advised comprehensive trust solutions tailored to the needs of our clients in Asia," he added.
Headquartered in Zurich, EFG International's group of private banks as at December 31, 2005 operated in 34 locations whilst managing approximately CHF47.3 billion (US$36.23 billion) in assets.
EFG International's registered shares (EFGN) are listed on the SWX Swiss Exchange.
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