In Brief: Brazil's BTG makes payment to Swiss group EFG
Brazilian investment bank BTG Pactual agreed to pay 89mn Swiss francs (US$92mn) to Swiss wealth management group EFG International as a final adjustment of the price the latter paid for Swiss private bank BSI.
BTG completed the sale of BSI to EFG in October last year for 1.06bn francs, which was a reduction from the 1.33bn francs initially decided upon in February 2016. Negotiations did however continue over the final price tag of the deal.
EFG said in May 2016 that it received approval from the Swiss authorities to acquire BSI, but noted that the price it would pay had changed because of BSI's involvement in a sovereign wealth fund scandal in Malaysia.
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