EFG to acquire a majority stake in Shaw and Partners for AUD61m.

EFG International, the global private banking group based in Zurich, today announces that it will acquire 51% of the Australian financial service provider Shaw and Partners, subject to regulatory approval. EFG will acquire a 51% majority stake in Shaw and Partners for up to AUD61m ($43m) via a combination of cash and EFG shares. The acquisition will considerably enlarge EFG’s coverage in the Asia Pacific region, provide immediate access to the Australian market and strengthen the bank’s China offshore business. Giorgio Pradelli, CEO of EFG International: “We are very excited to announce the acquisition of a majority stake in Shaw and Partners, an investment and wealth management firm established in Sydney in 1987 with an impressive track record of profitable growth. With this acquisition, EFG will expand its market position in the Asia Pacific region into Australia, in line with our strategy to focus on markets that offer superior growth potential. The combination of Shaw and Partners’ well-established domestic business with access to EFG’s strong international product offering will allow both of us to leverage growth opportunities in this key region. The combined growth potential of this partnership will enable us to double our size in the Asia Pacific region by 2022.”