EFG International has been informed by the Italian banking surpervisory authority Banca D'Italia, that the order concerning the former BSI offices in Milan and Como, which was issued in May 2017 and restricted its business activities and could have led to the closure of the offices, has been revoked.
With this decision, Banca d'Italia acknowledges the successful implementation of EFG's compliance framework since the closing of the BSI acquisition in November 2016. The restrictions to client services were lifted with immediate effect.
EFG will hence maintain its presence in Milan and will continue to further expand its Italian domestic business, while the BSI office in Como has been closed.
Giorgio Pradelli, deputy chief executive and chief financial officer of EFG International, commented: "The removal of the restrictive order and the dismissal of the proceedings highlight the successful efforts of our post-acquisition integration program to implement consistent and strict compliance standards throughout our combines bank, as well as the quality of our compliance structures and processes. We will maintain domestic presences with our Milan offices and will relaunch our business with Italian clients, which constitutes an important strategic focus for our bank."
EFG International is a global private banking group headquartered in Zurich and operating in around 40 locations worldwide.