EFG International has expanded its team by hiring four client advisors from Banque Havilland, which is seen as a strategic move for its Liechtenstein branch.
The recent developments present a critical juncture for both EFG International and the remnants of Banque Havilland. EFG's proactive approach in acquiring talent and potentially assets positions it well for future growth.
This comes after reports in September that EFG International was exploring opportunities related to Banque Havilland (Liechtenstein) AG. The CEO of EFG Bank von Ernst, Tobias Wehrli, expressed excitement about the new hires on LinkedIn. The advisors bring valuable experience from their previous roles at Banque Havilland.
Banque Havilland recently decided to cease its business operations in Liechtenstein and Switzerland, leading to voluntary liquidation proceedings and the relinquishment of its banking licenses. This decision has raised questions about the future of the bank and its assets. The liquidation of Banque Havilland has had an impact on the financial community, given the bank's recent growth. Despite positive performance metrics, the European Central Bank withdrew Banque Havilland's banking license in Luxembourg.
EFG International's hiring of experienced client advisors from a competitor demonstrates its commitment to strengthening its market position in Liechtenstein. By integrating these professionals, EFG aims to enhance its service offerings and attract a broader client base. The potential for an asset deal remains a focal point, as EFG International may seek to capitalize on the assets left behind by Banque Havilland. This move could bolster EFG's balance sheet and provide a strategic advantage in a market characterized by consolidation and competition among private banks.
EFG International's expansion and strategic moves in response to Banque Havilland's liquidation position the company well for future growth and success in the market.