EFG International cuts expected purchase price for BSI to $1.08 billion

August 10, 2016 4:13 PM

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EFG International cuts expected purchase price for BSI to $1.08 billion

LONDON Swiss private bank EFG International (EFGN.S) said on Wednesday it expects to pay 1.05 billion Swiss francs ($1.08 billion) to buy rival BSI from Grupo BTG Pactual SA (BBTG11.SA), almost 300 million francs less than previously announced.

The bulk of the price cut relates to legal penalties for BSI over its business ties to a scandal-hit Malaysian government fund and provisions for a net reduction of BSI's assets since the end of November.

Also read: Swiss to issue bonds with face value of just over 4 bln Sfr in 2017

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