Swiss private banking and asset management firm EFG International has announced that its Swedish banking subsidiary, EFG Investment Bank AB, has completed its acquisition of Sweden-based Quesada Kapitalforvaltning AB from Quesada AB.
EFG International first announced the proposed acquisition of Quesada Kapitalforvaltning on December 22, 2006, and had since been waiting for certain closing conditions, including approval by regulatory authorities, to be met.
Having gained the requisite approvals and closed the deal, EFG International has now, through its EFG Investment Bank subsidiary, acquired a securities company that will furnish it will an additional SEK4.6 billion in client assets under management.
EFG International said that it will consolidate the financial results of Quesada Kapitalforvaltning from April 2007 onwards. The company intends to run Quesada Kapitalforvaltning as a separate division of EFG Investment Bank under the brand name Quesada, and will retain all of the Swedish company’s employees.