EFG International has announced an agreement to acquire Quilvest (Switzerland), a Zurich-based private bank, in a strategic move to expand its wealth management footprint. The private banking acquisition is expected to close in the third quarter of 2026, pending regulatory approval from relevant authorities. Financial terms of the transaction have not been disclosed by either party.
Quilvest Switzerland manages approximately SFr 5.3 billion ($6.8 billion) in client assets, comprising SFr 3.9 billion in assets under management and SFr 1.4 billion in assets under custody. The bank, established in 1932 by the Bemberg family from Argentina, operates from its Zurich headquarters and maintains an additional office in Montevideo, Uruguay.
Strategic Value of the Private Banking Acquisition
The acquisition aligns with EFG International’s existing mergers and acquisitions strategy, according to the company. The deal strengthens EFG’s operations in Switzerland while expanding its reach into two significant growth markets: Latin America and the Middle East. These regions represent core client bases for Quilvest Switzerland’s wealth management services.
More than 90% of Quilvest Switzerland’s managed assets belong to ultra-high and high net worth individuals, according to the announcement. These clients are primarily located in Latin America, Western Europe including Switzerland, and the Middle East. The geographic overlap presents opportunities for expanded service delivery through EFG’s global network.
Integration Plans and Operational Changes
Following completion of the transaction, Quilvest Switzerland will operate under the EFG Bank brand. The integration will incorporate Quilvest Switzerland’s investment expertise and product suite into EFG’s existing platform. Members of the Bemberg family, along with other Quilvest clients, will gain access to a broader range of wealth management services through the combined entity.
Adrien de Boisanger, Quilvest Switzerland board member and Bemberg Capital executive chairman, said the partnership represents a significant advancement for the bank’s operations. He expressed confidence that the transaction would generate considerable value for stakeholders, particularly clients and employees, by offering access to a global network and improved service capabilities within an organization sharing the Bemberg family’s entrepreneurial values.
Financial Impact and Market Positioning
The transaction will be settled entirely in cash, according to EFG International. The company projects the acquisition will reduce its CET1 capital ratio by approximately 70 basis points. However, EFG views this impact as acceptable given the strategic benefits of enhanced market presence in key wealth management jurisdictions.
EFG International CEO Giorgio Pradelli emphasized the acquisition demonstrates the company’s ability to attract partners who share its entrepreneurial culture and commitment to long-term value creation across generations. Additionally, the deal reinforces EFG’s position as a consolidator in the competitive private banking sector, where scale and geographic diversification have become increasingly important.
Meanwhile, Bemberg Capital indicated the strategic move will allow the group to strengthen its commitment to core activities in private capital investments and management through Quilvest Capital Partners. The sale enables the family office to concentrate resources on alternative investment strategies rather than traditional private banking operations.
The completion of this private banking acquisition remains subject to approval from regulatory authorities in relevant jurisdictions. Both parties expect to receive necessary clearances by the third quarter of 2026, though the precise timeline depends on the regulatory review process.
