EFG to expand in Europe

Swiss private bank EFG International is to double in size by 2008 on the back of increased profits.

"EFG International is currently evaluating several acquisition opportunities of private banking and asset management businesses... It has thus updated and extended its medium term goals," the bank said in a statement.

The bank says its net profits doubled in the first half of this year to Sfr100.7m (43m) compared to the first half of 2005.

The bank has already increased its number of client relationship officers (CROs) by 79% to 323 in the first half of this year, compared to the first half of 2005, but has plans to staff count stand at 500-525 by 2007 and 650-675 by 2008.

Last month EFG announced the acquisition of Birmingham-based private client stockbroker Harris Allday, which will see its number of CROs boosted by 27.

Rudy van den Steen, chief financial officer of EFG International, said the bank would continue to expand both organically and externally. The bank is currently evaluating several acquisition opportunities of private banking businesses in Europe, the US, the Middle East.