EFG Bank, a global private bank headquartered in Zurich, has announced that its subsidiary, EFG Capital International in Miami, has signed an agreement to acquire Dresdner Lateinamerika Financial Advisors, LLC (DLFA).
The parties to the transaction have agreed not to disclose the purchase price. Subject to regulatory approvals, the transaction is expected to close in August 2005. DLFA, which has $1 billion in assets under management, will be fully integrated into EFG Capital International.
Jean Pierre Cuoni, Chairman of EFG Bank, stated, “With this strategic acquisition, we are considerably strengthening our franchise in Latin America, which is a key market for EFG Bank. We are looking forward to welcoming DLFA’s management and client relationship officers to our firm.”
Victor M. Echevarria, Chairman and CEO of EFG Capital International, added, “Together, we will be able to expand our product offerings and further enhance our client services, while assuring a seamless integration of DLFA’s clients. Their highly professional and experienced staff will add substantially to the strength of our organization.” Jacobo Gadala-Maria Jr., CEO of DLFA, stated, “My team is looking forward to joining EFG Bank. This acquisition demonstrates its strong commitment to Miami as a financial center, and to Latin America as an important market.”