* EFG updates on BSI integration
* Expects 100 to 150 job cuts per year in 2017-2019
* Raises cost savings by 55 mln Sfr francs to 240 mln by
(Adds CEO quote, detail)
By Joshua Franklin
ZURICH, Dec 8 Swiss private bank EFG
International plans to cut up to 450 jobs over the next
three years as part of its takeover of BSI Bank.
Its acquisition of Swiss rival BSI from Brazil's Grupo BTG
Pactual SA has made EFG one of Switzerland's biggest
private banks, behind the likes of UBS, Credit Suisse
, Julius Baer and Pictet.
The acquisition was announced in February and completed in
November for a preliminary 1.06 billion Swiss francs ($1.05
EFG said it now expects 100 to 150 job cuts per year between
2017 and 2019.
"Having conducted a more detailed analysis, additional
synergies have been identified which will support us in building
an efficient business of substantial scale to deliver
sustainable growth," EFG Chief Executive Joachim Straehle said
in a statement.
The cuts are across EFG and BSI, with around two thirds
expected to take place in Switzerland. The merged bank has
around 3,800 employees.
Zurich-based EFG, whose largest shareholder is Greece's
Latsis family, also raised its targeted cost savings from the
takeover by 55 million francs to around 240 million by 2019.
EFG will close BSI's Panama branch late next year and has
agreed a partial sale of BSI Bahamas client portfolios. It also
plans to sell its Independent Financial Advisers business in
Overall, EFG now expects the BSI integration to cost around
250 million francs between 2016 and 2018, up from 200 million
The bank manages 148 billion francs in assets, although EFG
forecasts outflows of around 10 billion francs over the next
three years resulting from the BSI deal.
The acquisition was complicated by BSI's legal troubles
which included its dealings with scandal-hit Malaysian
government fund 1Malaysia Development Bhd (1MDB).
($1 = 1.0065 Swiss francs)
(Reporting by Joshua Franklin; editing by Jason Neely)