July 17, 2017 / 5:31 AM / 8 months ago

EFG, BTG Pactual strike deal on final BSI price

ZURICH, July 17 (Reuters) - Switzerland’s EFG International and Brazil’s BTG Pactual struck a deal on a final price for BSI Bank, the Swiss money manager said on Monday, as the value of the transaction shrank following the unit’s legal troubles.

EFG said the price it is paying for BSI is equivalent to 971 million Swiss francs ($1.01 billion), versus the estimated price of 1.06 billion francs from October 2016. That had already been lowered from 1.3 billion francs when the transaction was announced in February 2016.

EFG’s acquisition of BSI last year helped it almost double in size, but the deal was complicated by BSI’s legal troubles that included dealings with scandal-hit Malaysian government fund 1Malaysia Development Bhd (1MDB) and has resulted in billions in client withdrawals. ($1 = 0.9644 Swiss francs) (Reporting by John Miller)

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