EFG International Sells Ticino Building To Local Canton

Tom Burroughes

28 November 2019

, the Zurich-listed private bank, has sold its Palazzo Botta office building in Lugano to the Canton of Ticinio, and will stay in this building for a further three years. The building had been previously used by BSI, the private bank which has been acquired by EFG.

The financial terms of the transaction were not disclosed. EFG said that the sale will be covered in its financial statements next year once the deal has been finally closed. The transaction is expected to close in the first half of 2020.

The agreement is subject to the canton's approval procedures.

The building was designed by Swiss architect Mario Botta and initially inaugurated in 1988. EFG said that the Canton of Ticino had been looking for a "prestigious location" to house its judicial authority. The canton intends to reopen the building to the public.