Swiss private bank EFG International has just released its financial results for 2024, and has announced changes to its board of directors.

Zurich-listed EFG International, which is based in a number of countries, has announced record profit of SFr321.6 million ($355.6 million) in 2024, up 6 per cent on last year, and net new assets (NNA) of SFr10.1 billion in 2024, corresponding to a growth rate of 7.1 per cent, and exceeding EFG’s target range of 4 to 6 per cent.

Assets under management reached SFr165.5 billion in 2024, up 16 per cent compared with SFr142.2 billion in 2023, reflecting strong net new assets, positive foreign exchange impacts and favourable market performance. Profit before tax reached SFr381.4 million for 2024, up 14 per cent on the previous year, the firm said in a statement yesterday.

EFG proposed to increase the dividend to SFr0.60 per share for the financial year 2024, up 9 per cent on 2023. It has also agreed to acquire Swiss private bank Cité Gestion with about SFr7.5 billion of assets under management, to bolster its position in the home market. Cité Gestion will operate as an independent entity, retaining its name, governance, and teams. The transaction is expected to close in the second half of 2025, subject to regulatory approval, the firm added. 

EFG's cost/income ratio also improved reaching 72.9 per cent in 2024 compared with 73.3 per cent in 2023. There was also a return on tangible equity of 18.6 per cent in 2024, above EFG’s target range of 15 to 18 per cent and up from 18.2 per cent in 2023.

The firm also had a strong capital and liquidity position, with a CET1 Ratio of 17.7 per cent, a total capital ratio of 21.5 per cent and a liquidity coverage ratio of 242 per cent in 2024.

“2024 was another year of strong progress and performance for EFG and we remain well ahead of schedule in the delivery of our 2023 to 2025 strategic plan,” Giorgio Pradelli, CEO of EFG International, said. “Our strong net new asset growth momentum reflects the trust that clients place in us, our client relationship officers and our solutions. It also shows that the strategic investments we made in recent years are bearing fruit.” 

“We have translated this growth into increased profitability and delivered another record profit for the year. Our strong result for 2024 will allow us to propose the highest dividend per share ever. This is a testament to our capital-light business model that generates excess capital,” he added.

“Today, we have announced the acquisition of Cité Gestion, a Swiss private bank. With its unique multi-custodian service for ulta-high-net worth individuals (UHNWI), the aquisition strengthens EFG's presence and capabilities in its domestic Swiss market. Throughout 2025, we will accelerate the bank’s transformation to continue to create value for our clients, shareholders and other stakeholders,” Pradelli said.

Board changes
EFG International and EFG Bank’s board of directors nominated Yvonne Bettkober, Luisa Delgado, Wanda Eriksen and Konstantinos (Kostas) Tsiveriotis as new members of the board. Subject where applicable to regulatory approvals, the candidates will be proposed for election to the board at the forthcoming Annual General Meeting on 21 March 2025. 

Bettkober, an expert in digital transformation, organisational development and strategy operationalisation, is being nominated as an independent member to succeed Prasanna Gopalakrishnan, who is not standing for re-election for personal reasons.

Delgado, who has 30 years of global executive experience in luxury, IT and banking, is being nominated as an independent member, replacing Amy Yip, who has decided not to stand for re-election. Yip has served as a board member and member of the EFG Asia regional advisory board for five years and has contributed to EFG’s growth and transformation in the region.

Eriksen, who has been president of the board of directors of the Swiss Federal Audit Oversight Authority (FAOA) since 2018, is being nominated as an independent member, replacing Stuart M Robertson, who has made a big contribution to EFG’s growth and transformation, and who has decided not to stand for re-election.

Finally, Tsiveriotis, a senior executive with over 30 years of experience in global markets, is being nominated as a non-independent member, replacing Périclès Petalas, who is also not standing for re-election.