Zurich (awp) – Director of EFG International, Boris Collardi spoke in an interview about rumors of a merger with rival bank Julius Bär. “Discussions are still taking place, whether between EFG and Julius Bär or with other banks,” he said.
“We know each other and we respect each other. I am not going to comment on rumors,” said Mr. Collardi, who also happens to be the former boss of Julius Bär, in an interview with NZZ am Sonntag.
For a while now, media have been reporting discussions about a possible merger between Julius Bär and EFG International. However, these contacts were interrupted.
As for whether Mr. Collardi will soon return to Julius Bär, he noted that part of his career as an operational manager is behind him. He is almost 50 years old and has been CEO and managing partner for 13 years. There are more energetic people, who are absolutely competent to do such a job.
“Julius Bär was a great chapter. Now I am writing a new one with the private bank EFG, in which he joined as an investor,” recalled Mr. Collardi.
After a significant increase, the EFG share price reflects reality better today than two years ago, Mr. Collardi further noted, adding that there is still a lot of potential. He thinks that the confidence is there, that the bank can continue to grow on its own, without a takeover. In 2023, EFG will hire 100 net customer advisors. With this alone, the bank is able to attract up to 30 billion Swiss francs in fresh funds in the coming years, according to Collardi.
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