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EFG International (EFG) has entered into an agreement to sell its minority stake in Asesores y Gestores Financieros S.A. (AG) to the Spanish private bank’s management team. EFG and AG will continue to cooperate in various areas.
EFG is today announcing that it has signed an agreement under which AG’s management team and key executives will acquire EFG’s entire minority stake of 40.5% in AG, a leading private bank in Spain. The transaction is expected to close in the first quarter of 2022, subject to regulatory approval. Based on EFG’s full year 2020 results, the transaction is expected to marginally improve EFG’s revenue and efficiency metrics going forward. For 2021, the transaction will also have a slight positive impact on EFG’s net profit and...
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