Julius Baer apparently examines offer for competitor EFG
Published: Friday, May 24th 2024, 19:40
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The Julius Baer Group is apparently considering a takeover of its Swiss competitor EFG International. This was reported by the Bloomberg news agency early on Friday evening. The agency referred to people familiar with the matter.
Julius Baer has held preliminary talks with EFG in recent weeks about the possibility of a merger, it was reported. A Julius Baer spokeswoman declined to comment at the request of the AWP news agency.
EFG International is controlled by a group of shareholders from the Greek Latsis family via the EFG Bank European Financial Group together with ex-Julius Baer CEO Boris Collardi and former BSI shareholders. Together they hold around two thirds of the shares.
Overall, EFG International has a market capitalization of around CHF 3.8 billion at the current level. Julius Baer, meanwhile, has a market capitalization of CHF 11.5 billion.
EFG had CHF 142.2 billion in client assets under management at the end of 2023, while Julius Baer reported client assets of CHF 471 billion at the end of April. EFG will publish updated figures next week.
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