August 10, 2016 / 4:16 PM / 2 years ago

EFG International cuts expected purchase price for BSI to $1.08 bln

LONDON, Aug 10 (Reuters) - Swiss private bank EFG International said on Wednesday it expects to pay 1.05 billion Swiss francs ($1.08 billion) to buy rival BSI from Grupo BTG Pactual SA, almost 300 million francs less than previously announced.

The bulk of the price cut relates to legal penalties for BSI over its business ties to a scandal-hit Malaysian government fund and provisions for a net reduction of BSI’s assets since the end of November.

“EFG International and BSI continue to work on the preparation for the integration and expect the transaction to close in the fourth quarter of 2016,” Zurich-based EFG said in a statement.

$1 = 0.9758 Swiss francs Reporting by Joshua Franklin; Editing by Adrian Croft

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