BSI had been the oldest bank in the Swiss canton of Ticino until its integration into EFG Bank and the following renaming into EFG, which took place in 2017. Founded in 1873 in Lugano as the Banca della Svizzera Italiana, BSI was an institution that specialises in asset management and related services for private and institutional clients. In 1998, the bank became part of the ItalianGenerali group, one of the world's biggest insurance companies. In July 2014, Generali sold BSI to BTG Pactual for US$1.7 billion, a deal that CEO of the bank, André Esteves stated would make BTG Pactual a “global player in the asset management arena.” In February 2016 EFG International, the global private banking group based in Zurich, announced the acquisition of the Lugano-based private bank, according to an agreement signed on 21 February 2016 with BSI's sole shareholder BTG Pactual. The transaction was finalized on November 1, 2016. Following the closing, BSI's activities have been integrated into EFG, market by market, in Singapore, Hong Kong, Bahamas, Switzerland and Luxembourg. The integration of Monaco's activities is expected to take place by the end of the second quarter 2017. With the integration of the Swiss business, which took place at April 2017, the rollout of the renewed EFG brand has started in all locations where the legal integration of BSI has been completed and those businesses will operate solely under the EFG name.
History
In 1873 BSI opened its main office on Piazza della Riforma in Lugano. The next year, the bank opened its first branch, this in Locarno. Branches in Bellinzona and Chiasso followed. In 1880 BSI relocated its headquarters to the historic Palazzo dei Marchesi Riva, which dates back to 1747, where the headquarters of the Bank are located to this day.
1881: BSI is the only bank in Ticino authorised to issue banknotes until 1907
2011: BSI expands in Asia and obtains a banking license to open a branch in Hong Kong
2013: BSI expands into Italy and obtains a banking licence to open the Italian branch of BSI Europe in Milan.
2014: BSI opens a branch in Panama
2015:
2016: In February EFG International, the global private banking group based in Zurich, announced that it is to acquire BSI, according to an agreement signed on 21 February 2016 with BSI's sole shareholder BTG Pactual. The transaction was finalized on 1 November.
2016: In May the Monetary Authority of Singapore announced that it had served BSI Bank Limited notice of intention to withdraw its status as a merchant bank in Singapore for serious breaches of anti-money laundering requirements, poor management oversight of the bank's operations, and gross misconduct by some of the bank's staff.
November 2016 - BSI Singapore is fully integrated into EFG under an accelerated asset deal
March 2017 - BSI Hong Kong is fully integrated into EFG
April 2017 - BSI Switzerland integration is completed. The roll-out of the new EFG brand beings in locations where the legal integration of BSI is completed
May 2017: BSI's entity in Luxembourg has been migrated to EFG Bank in Luxembourg
The dedication demonstrated by BSI to new ideas has been put into practice by promoting research, foundations, conferences, personal and collective exhibitions, publications, expositions of art and exclusive collections, prestigious concerts and a number of other endeavours. BSI is more than a patron - it vigorously promotes communication in these areas, organizing and taking part in events. The bank has always maintained its commitment to art, music and culture, with an active and constant presence at high-profile performances and exhibitions.
BSI Art Foundation
The BSI Art Foundation promotes the arts and culture in all of their forms. It organises events, exhibitions and displays in collaboration with other institutions, associations of individual artists and worldclass national museums. It publishes brochures, books and catalogues about art and artistic endeavours. The Foundation grants scholarships to talented young artists. For established artists, it sets up funds and contributes to developing the artists' potential.
BSI Gamma Foundation
Established on the 125th anniversary of BSI, the BSI Gamma Foundation promotes research in the area of asset management and cooperation between the world of research and practical applications, assigns research mandates to people or institutions with recognized experience in the sector, organises conferences and publishes the research results.
Centenario Foundation
The Centenario Foundation began in 1973 on the occasion of BSI's first one hundred years. Its scope is to bestow monetary recognition to persons or institutions which have furthered the development of Italian-Swiss relations, contributed to the betterment of understanding between the Swiss and Italian people or to the expansion of the common cultural heritage.
BSI Architectural Foundation
The BSI Architectural Foundation promotes understanding, education and research within the field of architecture, in particular by presenting a biennial architectural award, the BSI Architectural Award, the purpose of which is to recognize, and bring to public and media attention, architects who have made an important contribution to contemporary architecture and who have shown particular sensitivity to the landscape and environment.
