13.08.2016

BSI: Malaysian scandal weighs on accounts

EFG International expects to pay 140 million francs less for the acquisition of BSI, compared to the 1.33 billion expected in February. The Zurich-based company announced the same active in the management of capital, following the publication of half-year results of the Ticino bank, destined to disappear for want of FINMA after the scandal of the fund Malaysian 1MDB.

Based on the accounting standard Swiss GAAP, the reporting period ended with a net profit of 66.2 million, a decrease of 15.1%, compared the first six months of 2015, precise its part BSI in a press. To influence the performances there were also special factors, including the sale of its stake in B-Source, the reduction of assets under management and lower revenues related to trading activities. The institute also mentions the penalty imposed by the MAS.

Operating costs were reduced by 2.4% thanks to the containment program amounted to 290 million francs. "BSI has shown resilience during this period characterized by adversity", it is mentioned in the note of the Ticino bank Roberto Isolani, Director General (CEO).
EFG International, which is based on IAS, speaks of other figures. Operating revenues amounted to 341.5 million Swiss francs, with a 8.4% decline in six months. Costs were reduced by 11.1% to 271.7 million.
The assets under management that generate revenues reached 76.0 billion francs at the end of June, against 87.7 billion earlier. The loss of 18.3 million includes penalties of 10 million and 95 million, respectively inflicted by FINMA and the MAS.

The preparations for the integration in EFG are continuing and the operation should be completed in the fourth quarter of this year.


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