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Bond Market News
Julius Baer Exploring Potential Acquisition of EFG: Sources
May 27, 2024
Julius Baer is said to be exploring a potential acquisition of its rival Swiss private bank EFG International, after holding preliminary discussions, said sources. Further details were not available regarding the possible valuation and transaction size. On Friday, EFG’s market capitalization stood at CHF 3.8bn ($4.2bn), while Julius Baer’s stood at CHF 11.5bn ($12.6bn). A deal between the two could see combined wealth management unit with over CHF 500bn ($547bn) in AUM. EFG’s largest shareholder is the billionaire Latsis family with a 45% stake. Other shareholders include Banco BTG Pactual with a near 20% stake, and Boris Collardi, the former CEO of Julius Baer. EFG, had an AUM of ~CHF 142bn ($155bn) at end-2023, and reported its highest ever profits last year.
Julius Baer’s dollar bonds were unchanged with its 4.75% Perp at 98.72, yielding 9.24%. EFG’s 5.5% Perp was trading slightly higher at 89.11, yielding 9.95%.
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