EFG International Reports Record Profit, Plans Cité Gestion Acquisition

EFG International reported a record net profit of CHF 321.6 million for 2024, reflecting a 6% increase from the previous year, alongside net new assets of CHF 10.1 billion, surpassing its growth target. The company's assets under management rose by 16% to CHF 165.5 billion, attributed to strong net inflows and favorable market conditions. EFG announced an acquisition of Swiss private bank Cité Gestion, which will enhance its market presence, pending regulatory approval. Additionally, the bank proposed its highest-ever dividend of CHF 0.60 per share, marking a 9% increase from 2023. In the Asia Pacific region, net profit surged by over 124%, driven by strategic hiring of client relationship officers. CEO Giorgio Pradelli emphasized the firm’s commitment to continuous growth and transformation as it approaches the end of its current strategic cycle.