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BRIEF-EFG Sells Minority Stake in Spanish Private Bank A&G

April 19 (Reuters) - EFG International AG:

* SAYS EFG TO SELL MINORITY STAKE IN SPANISH PRIVATE BANK A&G TO MANAGEMENT TEAM

* SAYS HAS SIGNED AN AGREEMENT UNDER WHICH A&G’S MANAGEMENT TEAM AND KEY EXECUTIVES WILL ACQUIRE EFG’S ENTIRE MINORITY STAKE OF 40.5% IN A&G,

* SAYS THE TRANSACTION IS EXPECTED TO CLOSE IN THE FIRST QUARTER OF 2022, SUBJECT TO REGULATORY APPROVAL.

* SAYS THE TRANSACTION IS EXPECTED TO MARGINALLY IMPROVE EFG’S REVENUE AND EFFICIENCY METRICS GOING FORWARD

* SAYS THE TRANSACTION WILL ALSO HAVE A SLIGHT POSITIVE IMPACT ON EFG’S NET PROFIT AND WILL LEAD TO AN IMMEDIATE UPLIFT IN EFG’S CET1 RATIO OF AROUND 90 BASIS POINTS. Further company coverage: (Reporting By Berlin Newsroom)

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