EFG International sells remaining interest in Marble
Bar Asset Management
Zurich, 6 March 2012. EFG International has agreed to sell its remaining interest in Marble Bar Asset Management (MBAM) to MBAM's senior management.
EFG International has reached agreement to sell its perpetual
cash flow stream based on MBAM revenues to MBAM's senior
management. The sale price is CHF
28.8 million, and the transaction is expected to result in an
exceptional accounting net gain of circa CHF 7 million in EFG
International's 2012 financial statements. The
transaction is expected to complete in the second quarter of
2012.
The transaction follows the transfer of MBAM's equity
back to MBAM's senior management in July 2010, and is in
keeping with EFG International's desire to reset its business
and to focus on private banking.
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EFG International is a global private banking group offering private banking and asset management services, headquartered in Zurich. EFG International's group of private banking businesses currently operates in over 30 locations worldwide, with circa 2,500 employees. EFG International's registered shares (EFGN) are listed on the SIX Swiss Exchange. EFG International is a member of EFG Group.
Practitioners of the craft of private banking
EFG International AG, Bahnhofstrasse 12, 8001 Zürich, Switzerland. Tel: +41 44 226 1850 Fax +41 44 226 1855 www.efginternational.com