Greek billionaire family’s EFG says ‘realistic’ to hire 100 wealth bankers
EFG International is ramping up hiring globally this year with an addition of about 100 wealth bankers a “realistic” number, according to board member Boris Collardi.
“We are hiring very actively,” Collardi told Haslinda Amin in an interview with Bloomberg TV in Singapore on Tuesday (Jul 4). Collardi said the firm has hired about 30 bankers in Asia, in line with EFG’s strategy to expand in Asia, particularly in China and South-east Asia.
EFG, established in 1995 by the Greek billionaire Latsis family, has several hundred million Swiss francs of excess capital for deals, CEO Giorgio Pradelli said in a January interview. Targets will be in key markets that include Singapore, Hong Kong, as well as London and Europe, which are also among the areas where the bank plans to hire, he said at the time.
With the merger of UBS Group and Credit Suisse, Collardi sees everyone “looking for opportunities” and expects market consolidation in the sector to eventually resume. The former chief executive officer of Julius Baer Group advises Zurich-based EFG about a growth strategy in Asia that may include acquisitions.
The Swiss firm is among international wealth firms competing to expand market share in Asia. It ranks 19th among wealth firms by assets in Asia excluding China, trailing the largest in the region UBS and HSBC Holdings, according to the 2022 league table by Asian Private Banker.
Collardi led a period of breakneck expansion through nearly a dozen acquisitions and joint ventures at Julius Baer, before taking a role as partner at Banque Pictet & Cie in 2018. He took the EFG board seat last year, representing the Latsis family, while also buying a 3.5 per cent stake in the firm from board member Spiro J Latsis. BLOOMBERG
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Wall Street bulls say stock rally can resume even without rate cuts
Yen tumbles to 34-year low; US dollar gains after inflation data
Fed repricing gives rise to new equities playbook in Asia
Dasin Retail Trust’s creditor to repossess director’s properties over loan default
Is Jurong Island’s carbon test bed too small and conservative? A*Star institute head thinks not
Tech rally propels emerging stocks to best week since July