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EFG Int. posts FY net profit beat, lowers expected BSI price
March 15, 2017 / 6:41 AM / in 9 months

EFG Int. posts FY net profit beat, lowers expected BSI price

ZURICH, March 15 (Reuters) - Swiss private bank EFG International on Wednesday posted full-year net profit of 339.3 million Swiss francs ($336.7 million), far ahead of analysts’ estimates as it now expects to pay 277.5 million francs less to buy BSI Bank.

The average estimate in a Reuters survey of four analysts was for net profit of 13.8 million francs. EFG said it now expects the final price to buy BSI from Grupo BTG Pactual SA to be 783.9 million francs “subject to BTG’s expected objection and, if necessary, verification by an independent expert”.

Zurich-based EFG, whose largest shareholder is Greece’s Latsis family, said assets under management fell to 144.5 billion francs at year’s end and proposed a dividend for 2016 of 0.25 francs per share, matching the median survey estimate.

$1 = 1.0078 Swiss francs Reporting by Joshua Franklin, editing by John Miller

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