Giorgio Pradelli, CEO of EFG International, acknowledges the uncertainty in the industry, but remains optimistic about his bank's position. He says that market conditions remain favourable for a private bank, with high interest rates and performing markets. 

Pradelli reports that the region is strategic for EFG International and is growing rapidly, particularly in Australia, Singapore and Hong Kong. He cites double-digit growth of 12% last year in terms of net new assets (NNA), well ahead of the 4-6% growth target. 

Asked about rumours of a merger with Julius Baer, Pradelli declined to comment on the speculation. He refers to the subject of mergers and acquisitions, which is relatively quiet, and to the fact that EFG International's last major acquisition took place five years ago in Australia.

Pradelli expresses EFG International's interest in growth through M&A, highlighting three main criteria: presence in existing locations to generate synergies, cultural fit and increasing value for acquisitions. Although opportunities have been examined over the past five years, few have been conclusive.

 


Bloomberg TV provided by MT Newswires

Bloomberg videos, provided by MT Newswires