EFG International (Guernsey), a subsidiary of Zurich-based private banking group EFG International AG, is undertaking an exchange offer which gives holders of  EFG Fiduciary Certificates with a face value of €400 million (about $530 million), listed on the Luxembourg Stock Exchange, the option of exchanging them for Basel III-compliant Tier 2 Bonds.

Holders of the certificates are also invited to approve by extraordinary resolution certain amendments to their conditions.

Additionally, EFG International AG will convene an extraordinary shareholders’ meeting to approve in principle the later cancellation of EFG International’s bons de participation (participation notes) which underlie the EFG Fiduciary Certificates tendered in the exchange offer.