EFG International says to buy BTG's Swiss bank BSI

February 22, 2016 6:23 AM

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ZURICH Feb 22 EFG International said on Monday it had agreed to buy Grupo BTG Pactual SA's Swiss-based private-banking unit BSI in a deal worth 1.33 billion Swiss francs ($1.31 billion) that it said would form the fifth-biggest Swiss private bank.

Zurich-based EFG will buy BSI through a mixture of cash and shares, with BTG taking a roughly 20 percent stake in EFG and representation on its board of directors, EFG said in a statement.

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