Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Swiss Exchange  >  EFG International AG    EFGN   CH0022268228

EFG INTERNATIONAL AG

(EFGN)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsPress ReleasesOfficial PublicationsSector newsAnalyst Recommendations

EFG International : opens advisory office in Dubai

share with twitter share with LinkedIn share with facebook
share via e-mail
10/31/2019 | 02:21am EST

EFG International AG

Phone +41 44 226 18 50

Bleicherweg 8

Fax +41 44 226 18 55

8001 Zurich

efginternational.com

Switzerland

Media Release

EFG International opens advisory office in Dubai

Zurich, 31 October 2019

EFG International is executing its growth strategy as presented on 13 March 2019 and expanding its footprint in the Middle East with the establishment of a new presence in Dubai, United Arab Emirates. Having received the necessary regulatory approvals from the Dubai Financial Services Authority, EFG's new advisory office is expected to be fully operational by 11 December 2019. It will be headed by Sascha Pietrek, effective 01 November 2019.

As part of EFG's Continental Europe and Middle East Region, EFG is establishing its new presence in the Dubai International Finance Centre (DIFC). In line with the Bank's growth strategy, this will increase EFG's exposure to markets with long-term growth potential. The UAE is already an important market for EFG and the new presence will enhance its ability to serve the region's HNWI client segment by providing advisory services from the DIFC, as well as capture important market opportunities. EFG has already recruited 22 employees and expects to increase the size of the team to more than 30 employees within the first year. The Dubai operations aim to generate approximately CHF 3.0 billion of Assets under Management by 2022.

EFG is also announcing the appointment of Sascha Pietrek, who will head EFG's Dubai presence, effective 01 November 2019. Sascha Pietrek is an experienced professional, having held a number of managerial positions over the course of his distinguished career. Prior to his appointment to EFG, Sascha Pietrek worked at Deutsche Bank since 2001. Since 2015, he last worked as Managing Director for the Middle East & Africa region and Market Head for the Kingdom of Saudi Arabia. Before that, he was Co-Head of their Asset & Wealth Management Dubai Office, where he was also a member of the Executive Committee. Between 2004 to 2013, Sascha Pietrek served in various management positions at Deutsche Bank Switzerland. Drawing on his broad knowledge of the regional and international private banking sectors, Sascha Pietrek will be responsible for launching EFG's operations in the DIFC and further developing the bank's presence in the Middle East. He will report to Adrian Kyriazi, Head of EFG's Continental Europe and Middle East Region.

Giorgio Pradelli, Chief Executive Officer of EFG International: "We are progressing well with our 2022 strategic plan. As part of this, the opening of our presence in Dubai is another important milestone to strategically enhance our international footprint across markets which offer a significant long- term growth potential for EFG. Our distinctive value proposition, with its keen focus on clients, combined with our global expertise and in-depth local knowledge, will enable us to provide superior services to our clients in the Middle East."

Adrian Kyriazi, Head of Continental Europe and Middle East Region of EFG International: "With the launch of our new advisory office in Dubai, we are convinced that we will be able to capture new growth opportunities in the region. Building on our already successful operations in Bahrain, we have all the necessary expertise - combined with our extensive in-house products and service offering - to ideally cater to clients' needs. We are particularly pleased to welcome Sascha Pietrek to EFG. I look forward to working with him. His deep understanding and experience of the international and regional private banking market will bring great benefits for EFG and for our clients."

1/2

Contact

Investor Relations

Media Relations

+41 44 212 73 77

+41 44 226 12 72

investorrelations@efginternational.com

mediarelations@efginternational.com

About EFG International

EFG International is a global private banking group offering private banking and asset management services and is headquartered in Zurich. EFG International's group of private banking businesses operates in around 40 locations worldwide. Its registered shares (EFGN) are listed on the SIX Swiss Exchange.

EFG International AG, Bleicherweg 8, 8001 Zurich, Switzerland

www.efginternational.com

Important Disclaimer

This document has been prepared by EFG International AG ("EFG") solely for use by you for general information only and does not contain and is not to be taken as containing any securities advice, recommendation, offer or invitation to subscribe for, purchase or redeem any securities regarding EFG.

This release contains specific forward-looking statements that include terms like "believe", "assume", "expect", "target" or similar expressions. Such forward-looking statements represent EFG's judgments and expectations and are subject to known and unknown risks, uncertainties and other factors that may result in a substantial divergence between the actual results, the financial situation, and/or the development or performance of the company and those explicitly or implicitly presumed in these statements. These factors include, but are not limited to: (1) the ability to successfully realize the synergies expected from the integration of BSI SA ("BSI"), (2) general market, macroeconomic, governmental and regulatory trends, (3) movements in securities markets, exchange rates and interest rates, (4) competitive pressures, and (5) other risks and uncertainties inherent in the business of EFG and its subsidiaries, including BSI group legacy risks. EFG is not under any obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law or regulation.

Nothing contained herein is, or shall be relied on as, a promise or representation concerning the future performance of EFG and its subsidiaries. EFG may not realise the full benefits of the integration of BSI, including the expected synergies, cost savings or growth opportunities within the anticipated time frame or at all.

2/2

Disclaimer

EFG International AG published this content on 31 October 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 October 2019 07:16:04 UTC

share with twitter share with LinkedIn share with facebook
share via e-mail
Latest news on EFG INTERNATIONAL AG
2019BANCO BTG PACTUAL S A : EFG International says Swiss court ruling on BSI case wo..
RE
2019EFG INTERNATIONAL : to sell its Palazzo Botta office building in Lugano to the C..
AQ
2019EFG INTERNATIONAL : nominates new Chair and additional new Member of the Board o..
PU
2019EFG INTERNATIONAL : opens advisory office in Dubai
PU
2019EFG INTERNATIONAL : appoints Bernardo Meyrelles as new Country Head Portugal
PU
2019EFG INTERNATIONAL : opens advisory branch in Portugal
PU
2019EFG INTERNATIONAL : to enhance its offering for Independent Asset Managers
PU
2019EFG INTERNATIONAL : appoints Angela Bow as new Deputy Head of Asia Pacific Regio..
PU
2019EFG INTERNATIONAL : launches share buyback programme
AQ
2019EFG INTERNATIONAL : launches share buyback programme
PU
More news
Financials (CHF)
Sales 2019 1 155 M
EBIT 2019 -
Net income 2019 105 M
Debt 2019 -
Yield 2019 5,22%
P/E ratio 2019 17,0x
P/E ratio 2020 11,3x
Capi. / Sales2019 1,50x
Capi. / Sales2020 1,39x
Capitalization 1 730 M
Chart EFG INTERNATIONAL AG
Duration : Period :
EFG International AG Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends EFG INTERNATIONAL AG
Short TermMid-TermLong Term
TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 6
Average target price 7,08  CHF
Last Close Price 5,91  CHF
Spread / Highest target 42,1%
Spread / Average Target 19,8%
Spread / Lowest Target 1,52%
EPS Revisions
Managers
NameTitle
Piergiorgio G. Pradelli Chief Executive Officer
John Alexander Williamson Chairman
Christian Flemming Chief Operating Officer
Dimitris Ch. Politis Chief Financial Officer
Mark Bagnall Chief Technology Officer