EFG International is set to give its domestic Italian business another go, appointing former Banca Intermobiliare managing director Giorgio Girelli to lead the charge.
While it is unclear precisely when EFG put the brakes on its previous attempt at an Italian expansion, the Zurich-based bank was forced last year to close the Como office that it acquired from BSI following a tussle with Banca d'Italia. At the time, the former BSI offices in Como and Milan accounted for less than CHF 1 billion in assets under management.
The bank said in a statement: 'As part of its overall strategy, EFG is focused on growing its activities in its key regions. It therefore
plans to relaunch its domestic business with Italian clients in January 2019.
'Giorgio Girelli will join EFG as the new head of its Milan branch, effective from 1 December 2018. With his extensive industry experience as former CEO of Banca Generali and managing director of Banca Intermobiliare, he will help to reposition EFG in the Italian market, leveraging its competitive market position as a top-tier Swiss private bank with global reach.'
The statement also noted that EFG's Swiss and Italian operations have 'returned to positive underlying net asset inflows in the period from July to end of October'.
As of 31 October, the bank's assets under management totalled CHF 140.1 billion.