Reuters: EFG may go private, CEO says - Spear's Magazine

Reuters: EFG may go private, CEO says

ZURICH, Oct 28 (Reuters) – EFG International AG (EFGN.S), a Switzerland-based private bank and asset management group, could imagine going private, its chief executive was quoted as saying on Wednesday.

ZURICH, Oct 28 (Reuters) – EFG International AG (EFGN.S), a Switzerland-based private bank and asset management group, could imagine going private, its chief executive was quoted as saying on Wednesday.

“Going private could be imagined. If nobody likes the shares, privatisation makes sense,” Chief Executive Lonnie Howell was quoted as saying in an advanced copy of an interview due to appear in the Handelzeitung newspaper.

EFG’s shares are down almost 10 percent this year, although they have climbed 37 percent since reporting a disappointing first-half net profit in July 28.[ID:nLR197515]

Howell said prospects were looking up for the bank in the third quarter.

“We are on the way towards the organic growth of 20-30 percent that we achieved before 2008,” he said.

To read the full story, visit reuters.com



 

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