EFG International posts profit rise, to acquire private bank Cité Gestion

ZURICH (Reuters) - Switzerland's EFG International said on Wednesday it had posted a net profit of 321.6 million Swiss francs ($356 million) in 2024, an increase of 6% from the previous year, and that it was acquiring Swiss private bank Cité Gestion.

EFG's net new assets were 10.1 billion francs, good for a growth rate of 7.1%, and exceeding EFG's target range of 4-6%.

The Swiss private bank said it would acquire 100% of Cité Gestion with approximately 7.5 billion francs of assets under management, and that the transaction was expected to close in the second half of 2025, subject to regulatory approval.

($1 = 0.9025 Swiss francs)

(Reporting by Dave Graham, editing by Thomas Seythal)