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☆ EFG International CEO: Already at level of 2025 ambitions
▼ + stars: | 2024-02-21 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEFG International CEO: Already at level of 2025 ambitionsGiorgio Pradelli, CEO of EFG International, explains why he expects growth to accelerate after his bank posted a record profit of more than 303 million Swiss francs in 2023.

Persons: Giorgio Pradelli Organizations: EFG

☆ April a reasonable time for the Bank of Japan to bring rates back to zero, strategist says
▼ + stars: | 2024-01-23 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailApril a reasonable time for the Bank of Japan to bring rates back to zero, strategist saysAlim Remtulla, chief FX strategist at EFG International, discusses the Bank of Japan's latest monetary policy decision, the prospect of a first interest rate hike for 17 years, and what it means for the Japanese yen.

Persons: Alim Remtulla Organizations: Bank of Japan, EFG International, Bank of

☆ EFG shares jump 3% following record profitability
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +2 min

The logo of EFG International bank is seen at its headquarters in Zurich, Switzerland February 28, 2018. The bank's share price has risen more than 11% this year, and hit a year-high of 10.98 Swiss francs on Nov. 1. This is on top of its existing commitment to repurchase up to 6 million shares by Sept. 11, 2024 . At 144.1 billion Swiss francs, assets under management were only slightly higher than the 143.1 billion francs at the end of 2022. According to EFG, the growth in net new assets was largely offset by negative currency effects.

Persons: Arnd, Giorgio Pradelli, Zuercher, Michael Klien, EFG, Noele Illien, Sharon Singleton Organizations: International, REUTERS, Rights, EFG, Thomson Locations: Zurich, Switzerland, Swiss

☆ Swiss banking environment is 'completely normal' after UBS-Credit Suisse takeover: EFG CEO
▼ + stars: | 2023-11-09 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSwiss banking environment is 'completely normal' after UBS-Credit Suisse takeover: EFG CEOGiorgio Pradelli of Swiss private bank EFG International is eyeing the Middle East and China for wealth creation, and says Switzerland remains a major private banking hub.

Persons: Giorgio Pradelli Organizations: UBS, Credit Suisse, EFG Locations: East, China, Switzerland

☆ Saudi PIF-backed ADES prices IPO at top end, implying over $4 bln valuation
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +2 min

DUBAI, Sept 20 (Reuters) - Saudi oil and gas driller ADES Holding said on Wednesday it has set the final price for its initial public offering (IPO), implying a valuation of 15.242 billion riyals ($4.06 billion) for the Saudi sovereign wealth fund-backed firm. ADES confirmed the pricing for the IPO, saying it drew nearly $76.5 billion in orders from institutional investors. Its clients include state oil giant Saudi Aramco, Kuwait Oil Company and North Oil Company in Qatar. The four banks are also bookrunners and underwriters, joined by GIB Capital, HSBC, Al Rajhi Capital and Saudi Fransi Capital. Arab National Bank, Alrajhi Bank and Saudi National Bank are the receiving agents and Lazard is independent adviser to ADES.

Persons: ADES, EFG Hermes, Goldman Sachs, Lazard, Yousef Saba, Sonia Cheema Organizations: Reuters, Saudi Exchange, Kuwait Oil Company, North Oil Company, SNB, JPMorgan, underwriters, GIB Capital, HSBC, Al, Saudi Fransi Capital, Arab National Bank, Alrajhi Bank, Saudi National Bank, Thomson Locations: DUBAI, Saudi, Khobar, ADES, East, North Africa, India, Saudi Aramco, Qatar, Al Rajhi Capital

The logo of Swiss private bank Julius Baer is seen at their headquarters in Zurich, Switzerland February 2, 2022. "The strength of the Swiss banks, of the Swiss economy, of the Swiss political system ... I think this is the foundation to be the preeminent number one financial place for cross border wealth management," he told the event. "Everyone is and wants to be in wealth management and everyone sticks to it, even those players who are not as efficient, not as effective as others." He declined to comment on speculation linking Julius Baer with Swiss bank EFG International (EFGN.S).

Persons: Julius Baer, Arnd, Julius Baer's, Philipp Rickenbacher, Rickenbacher, Noele Illien, John Revill, Tomasz Janowski Organizations: REUTERS, Rights, Reuters, UBS, Credit Suisse, Swiss, EFG, Thomson Locations: Zurich, Switzerland, Swiss, United States

As Telefonica's rivals slashed prices to attract internet users, the Spanish company also borrowed to invest in new mobile and internet networks. But the secrecy with which STC (7010.SE) built its stake did catch some observers off guard, the person said. Telefonica said it was informed Tuesday about STC'S investment, after the companies had become more acquainted in recent months. STC sought to keep the stake under wraps until it could buy at least 9.9% of Telefonica, the person said. Middle Eastern investors have been taking stakes in Spanish companies for some time.

Persons: Violeta Santos Moura, Jose Maria Alvarez, Pallete, Alvarez, Prince Mohammed bin Salman's, UGT, Morgan Stanley, Linklaters, Motaz Al Angari, Al Angari, pare, EFG Hermes, Nadia Calvino, Inti Landauro, Tomas Cobos, Amy, Jo Crowley, Pablo Mayo, John O'Donnell, Anousha, Elisa Martinuzzi, David Gregorio, Ros Russell Organizations: Spanish Telecom, REUTERS, Rights, Telefonica, STC Group, STC, Saudi Arabia's Public Investment Fund, Foresight, Saudi, United Arab, Vodafone, Thomson Locations: Madrid, Spain, Rights DUBAI, MADRID, Silicon Valley, Saudi, Riyadh, Telefonica, Saudi Arabia, Spanish, Latin America, theocracies, United Arab Emirates, Iberdrola, Davos, Gulf, London

He learned Saudi Arabia's largest telecoms operator, STC Group, aimed to be Telefonica's biggest shareholder, with an interest of 9.9%. The move is a vote of confidence in Telefonica, burdened by billions of dollars in debt while STC gains expertise to modernize Saudi telecoms infrastructure. As Telefonica's rivals slashed prices to attract internet users, the Spanish company also borrowed to invest in new mobile and internet networks. STC sought to keep the stake under wraps until it could buy at least 9.9% of Telefonica, the person said. Middle Eastern investors have been taking stakes in Spanish companies for some time.

Persons: Violeta Santos Moura, Jose Maria Alvarez, Pallete, Alvarez, Prince Mohammed bin Salman's, UGT, Morgan Stanley, Linklaters, Motaz Al Angari, Al Angari, pare, EFG Hermes, Inti Landauro, Tomas Cobos, Amy, Jo Crowley, Pablo Mayo, John O'Donnell, Anousha, Elisa Martinuzzi, David Gregorio Our Organizations: Spanish Telecom, REUTERS, Rights, Telefonica, STC Group, STC, Saudi Arabia's Public Investment Fund, Foresight, Saudi, United Arab, Vodafone, Thomson Locations: Madrid, Spain, Rights DUBAI, MADRID, Silicon Valley, Saudi, Riyadh, Telefonica, Saudi Arabia, Spanish, Latin America, theocracies, United Arab Emirates, Iberdrola, Davos, Gulf, London

☆ Bank of Japan is in no rush to normalize monetary policy: Strategist
▼ + stars: | 2023-08-11 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBank of Japan is in no rush to normalize monetary policy: StrategistAlim Remtulla of EFG International shares his outlook for the Japanese Yen.

Persons: Alim Organizations: Email Bank of, EFG International Locations: Email Bank of Japan

☆ Winners and losers likely as Switzerland absorbs Credit Suisse layoffs
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +5 min

Logos of Swiss banks UBS and Credit Suisse are seen in Zurich, Switzerland March 20, 2023. In Switzerland, up to 10,000 jobs could be affected with Zurich bearing the brunt if UBS goes ahead with its indicated preferred option of absorbing Credit Suisse and cutting overlapping jobs and operations. "The large banks have many highly paid very specialized roles, where frankly there is very little demand in the market outside UBS and Credit Suisse," he said. Job cuts at Credit Suisse will hit Swiss and foreign nationals on its payroll, which may mean some have to leave Switzerland if they can't find a new job. Swiss banks have been looking in particular to snap up relationship managers with strong client relationships and solid books.

Persons: Denis Balibouse, headhunter Fredy Hausammann, Hausammann, Adecco, Balz Stueckelberger, Sergio Ermotti, Lombard Odier, Marco Arnold, Giorgio Pradelli, Pradelli, EFG, Noele Illien, Susan Fenton Organizations: UBS, Credit Suisse, REUTERS, Reuters, State Secretariat, Economic Affairs, Arbeitgeber Banker, Swiss, EFG's, Thomson Locations: Zurich, Switzerland, Swiss, Europe, Zug

☆ Most Gulf markets turn south as Credit Suisse woes roil markets
▼ + stars: | 2023-03-15 | by ( Ateeq Shariff | ) www.reuters.com time to read: +2 min

[1/2] Saudi woman walks at the Saudi stock market (Tadawul), in Riyadh, Saudi Arabia March 9, 2020. The lender lost almost $25 billion in market value since Oct. 27 after committing to invest in the embattled Credit Suisse. Oil — a key catalyst for the Gulf's financial markets —extended losses, with Brent crude hitting a three-month low as unease over Credit Suisse spooked world markets, offsetting hopes of a Chinese oil demand recovery. "At the same time, traders will remain attentive to the developments in global markets and central bank decisions this week and the next." Outside the Gulf, Egypt's blue-chip index (.EGX30) plunged 4.2%, with investment bank EFG Hermes (HRHO.CA) diving more than 12%.

☆ UAE exchange house Al Ansari to float 10% in Dubai IPO
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: +2 min

DUBAI, March 9 (Reuters) - UAE-based exchange house Al Ansari Financial Services said on Thursday it plans to float 10% of the company on the Dubai Financial Market (.DFMGI) through an initial public offering (IPO). Al Ansari said Abu Dhabi Commercial Bank (ADCB.AD), EFG Hermes UAE and Emirates NBD Capital were mandated as joint global coordinators for the IPO. It made 595 million dirhams ($162.01 million) in net profit last year, up from 491 million dirhams in 2021. Operating income rose to 1.15 billion dirhams from 988 million dirhams in 2021. The Emirates Investment Authority, the UAE's only federal sovereign wealth fund, has the right to subscribe to up to 5% of the offering, Al Ansari added.

☆ Swiss regulator investigates 12 banks in Lebanese central banker corruption case
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +2 min

ZURICH, Feb 27 (Reuters) - Switzerland's financial regulator has investigated 12 banks and launched enforcement proceedings against two of them in relation to corruption charges against longtime central banker Riad Salameh, it said on Monday. Lebanese authorities charged Salameh, his brother Raja and one of his assistants on Thursday with money laundering, embezzlement and illicit enrichment after months of delay in the high-profile case. The Swiss Financial Market Supervisory Authority (FINMA) on Monday said it has investigated 12 banks in relation to allegations of money laundering linked to the case. FINMA declined to comment on the nature of the enforcement proceedings in this case, or the banks involved. The Salameh brothers are alleged to have transferred $330 million to Swiss accounts via the offshore company Forry Associates, which is registered in the British Virgin Islands, Swiss newspaper SonntagsZeitung newspaper reported.

☆ Swiss private bank EFG profit dips as it settles Taiwan dispute
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +1 min

ZURICH, Feb 22 (Reuters) - EFG International's (EFGN.S) net profit fell 1.7% to 202.4 million Swiss francs ($218.50 million) last year, the Swiss private bank said on Wednesday, as it settled legal proceedings related to a client relationship with a Taiwanese insurance company. EFG said it had paid 40.6 million francs in legal costs and increased provisions to resolve the dispute, with all proceedings against the bank now ended. On an underlying basis, which removes these costs as well as other items like gains from its legacy life insurance business, EFG's net profit increased to 248.7 million francs from 167.8 million francs a year earlier. The bank said along with the market correction, the decline in assets the Swiss bank manages reflects the disposal of the Spanish private bank A&G. In 2021 EFG reported 8.8 billion francs.

☆ Oman's drilling services firm Abraj plans March listing on Muscat exchange
▼ + stars: | 2023-01-22 | by ( ) www.reuters.com time to read: +2 min

Jan 22 (Reuters) - Oman's oil and gas drilling services firm Abraj Energy Services plans to list up to 49% of its shares on the Muscat stock exchange in March through an initial public offering (IPO), a company statement said on Sunday. The IPO forms part of an exit plan recently announced by sovereign wealth fund, the Oman Investment Authority (OIA), the state news agency said. State energy company OQ, the selling shareholder, is wholly-owned by the OIA, which expects to exit eight investments in 2023 to generate about $1.3 billion. A diversified oil and gas services firm, Abraj is the largest drilling contractor in Oman with a market share of almost 30 percent. States such as Qatar and Oman are now seeking to capitalise on investor appetite for Gulf IPOs and compete with more active regional exchanges.

☆ How 2022 shocked, rocked and rolled global markets
▼ + stars: | 2022-12-30 | by ( Marc Jones | ) www.reuters.com time to read: +6 min

The main drivers have been the war in Ukraine, combined with rampant inflation as global economies broke out of the pandemic, but China remained shackled by it. U.S. Treasuries and German bonds, the benchmarks of global borrowing markets and traditional go-to assets in troubled times, lost 17% and 25% respectively in dollar terms. Ten-year Treasury yields jumped to 1.8% from less than 1.5%, knocking 5% off MSCI's world stocks index (.MIWD00000PUS) in January alone. The Fed has delivered an eye-watering 400bps of rate hikes and the European Central Bank, a record 250bps, despite saying this time last year it was unlikely to budge. "What has gone in global markets this year has been traumatic," said EFG Bank Chief Economist and ex-Deputy Governor of Ireland's central bank, Stefan Gerlach.

☆ Saudi Aramco joins oil results bonanza with 39% jump in net income
▼ + stars: | 2022-11-01 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +2 min

Aramco's net income rose to $42.4 billion for the three months to Sept. 30 from $30.4 billion a year earlier, it said in a regulatory filing. The company's free cash flow rose to $45 billion from $28.7 billion a year-earlier. Aramco's reported net income, while higher year on year, was slightly lower than its record second quarter. Net income was also partially offset by increased production royalties, resulting from stronger crude oil prices and higher sales volume. Royalties and other taxes more than doubled year-on-year in the third quarter to $24.3 billion, from $10.48 billion last year.

☆ Saudi bourse gains on strong earnings, oil prices; Qatar falls
▼ + stars: | 2022-10-23 | by ( Ateeq Shariff | ) www.reuters.com time to read: +2 min

Oct 23 (Reuters) - Saudi Arabia's stock market ended higher on Sunday, in response to rising oil prices and strong earnings, while the Qatari index retreated amid falling natural gas prices. Post trading hours, the company reported a quarterly net profit of 269.9 million riyals ($71.82 million), up from 18 million riyals a year ago. Saudi National Bank (<1180.SE>), the country's biggest lender, inched 0.3% higher, after posting a net profit of 4.725 billion riyals ($1.26 billion) in the quarter, up from 3.98 billion riyals a year earlier. read moreThe Qatari index (<.QSI>) fell 0.5%, hit by a 1.1% fall in petrochemical maker Industries Qatar (<IQCD.QA>). "The commodity could extend losses as production outpaces expectations and warm weather limits demand, putting more pressure on the stock market," he said.

☆ Saudi wealth fund's Savvy Games Group to invest $37.8 billion
▼ + stars: | 2022-09-29 | by ( ) www.reuters.com time to read: +2 min

Sept 29 (Reuters) - Saudi Arabia's Savvy Games Group, owned by sovereign wealth fund PIF, will invest 142 billion riyals ($37.8 billion) in initiatives aimed at making the kingdom a global hub for gaming, state news agency SPA said on Thursday. The investments will include 70 billion riyals to take several minority stakes in companies that support Savvy's game development agenda and 50 billion riyals to acquire "a leading game publisher to become a strategic development partner". Another 20 billion riyals will be invested in mature industry partners who bring expertise to Savvy's portfolio and 2 billion riyals will target industry disruptors "to grow early-stage games and esports companies." The company's strategy is to invest in the electronic games industry and esports over a long timeline, including local and international programmes and infrastructure. It aims to set up 250 games companies in Saudi Arabia, which will create 39,000 jobs, and raise the sector's contribution to Saudi GDP to 50 billion riyals by 2030, SPA added.

☆ New China ETFs test investor appetite amid Sino-U.S. tech war, market rout
▼ + stars: | 2022-09-23 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Aly SongSHANGHAI, Sept 23 (Reuters) - Five Chinese tech-focused ETFs launched on Friday, testing investor appetite for chipmakers, new materials producers and machine tool manufacturers amid an escalating Sino-U.S. tech war, and a global rout in tech shares. Two of the ETFs will invest money into the stocks of the 50 biggest chipmakers listed on Shanghai's STAR Market, including Semiconductor Manufacturing International Corporation (SMIC) (0981.HK) and Montage Technology Co (688008.SS). read moreIt also comes amid heightened geopolitical tensions and tech rivalries between China and the United States. The Biden administration took fresh steps in recent weeks to support domestic tech sectors and cut economic reliance on China, sending shares in Chinese biotech and new energy lower. Shanghai's tech-focused STAR Market - which Beijing hopes will fund China's tech self-sufficiency - has tumbled roughly 30% this year.

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