Swiss group EFG wants Brazil's BTG to adjust payment for BSI

By
Friday, March 17, 2017

Swiss wealth management group EFG International continues to dispute the final price in its acquisition of BSI from Brazilian investment bank BTG Pactual.

According to Brazilian daily Valor Econômico, EFG submitted on February 2 of this year a formal assessment to BTG requesting the price be reduced by 278mn Swiss francs (US$277mn).

Start your 15 day free trial now!

cta-arrow

Already a subscriber? Please, login

EFG had already raised the issue in May of last year, when BSI was first implicated in the scandal involving transactions with Malaysian sovereign fund 1MDB.

BTG completed the sale of the private Swiss bank to EFG in November for 1.06bn francs, already down from the 1.33bn francs initially decided upon in February 2016.

The Brazilian bank has since said it expects, after hearing from advisors, to be paid an extra 95.7mn francs for BSI.

EFG, on the other hand, said it was not surprised by BTG's opposition, and that, if necessary, it would seek verification by an independent expert, which BTG had already included in the BSI sales agreement.