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MarketScreener Homepage  >  Equities  >  Bolsa de valores de Sao Paulo  >  Banco BTG Pactual S.A.    BPAC3   BRBPACACNOR7

BANCO BTG PACTUAL S.A.

(BPAC3)
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Banco BTG Pactual S A : EFG International says Swiss court ruling on BSI case won't affect results

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12/04/2019 | 02:03am EST

EFG International said on Wednesday its results would not be affected by a court ruling forcing Switzerland's markets supervisor to reconsider its seizure of about $95 million from a bank the Swiss money manager bought in 2016.

Late on Tuesday, the Swiss Federal Administrative Court called the Swiss Financial Market Supervisory Authority's (FINMA) calculation of the amount seized from Banca della Svizzera Italiana (BSI) "incomprehensible" and ordered FINMA to reassess.

EFG bought BSI three years ago from Brazil's BTG Pactual after the Lugano-based private bank became entangled in legal problems related to the scandal-hit Malaysian sovereign fund 1MDB, which resulted in the closure of BSI's Singapore branch in 2016.

In the case, FINMA concluded BSI breached money laundering rules and ordered it to hand over profits amounting to 95 million Swiss francs (74 million pounds), prompting a BSI appeal on grounds the supervisor's procedure was flawed. In its decision, the Swiss Federal Administrative Court concluded FINMA must take up the matter again.

"Although acknowledging the occurrence of severe violations of supervisory provisions the Swiss Federal Administrative Court (FAC) considers the estimate of 95 million francs to be incomprehensible," the court wrote. "The confiscation has to correspond to the actual profit generated by the infringement."

Even if FINMA concluded it confiscated too much money from BSI, EFG International said that would not mean a results-boosting windfall for the Swiss company.

"The final purchase price of EFG's acquisition of BSI accounted for a respective provision," EFG said in a statement. "Any modification in the amount of disgorgement would be neutral to EFG's financial results."

By John Miller

Stocks mentioned in the article
ChangeLast1st jan.
BANCO BTG PACTUAL S.A. -1.24% 33.51 End-of-day quote.-16.23%
EFG INTERNATIONAL AG 1.39% 5.84 Delayed Quote.-9.86%
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Financials (BRL)
Sales 2020 8 974 M
EBIT 2020 5 350 M
Net income 2020 -
Debt 2020 -
Yield 2020 5,00%
P/E ratio 2020 7,01x
P/E ratio 2021 5,95x
Capi. / Sales2020 9,24x
Capi. / Sales2021 8,01x
Capitalization 82 954 M
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Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 1
Average target price 82,00  BRL
Last Close Price 33,51  BRL
Spread / Highest target 145%
Spread / Average Target 145%
Spread / Lowest Target 145%
EPS Revisions
Managers
NameTitle
Roberto Balls Sallouti Chief Executive Officer & Director
Nelson Azevedo Jobim Chairman
João Marcello Dantas Leite Chief Financial & Investor Relations Officer
Cláudio Eugênio Stiller Galeazzi Director
John Huw Gwili Jenkins Vice Chairman
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