0835 GMT - EFG International is looking for acquisition opportunities, Chief Executive Giorgio Pradelli says in a media call at the Swiss private bank's 10-month update. "Our default growth option is organic growth but we would like also to grow through acquisitions," he says, adding that the market for deals seems to be opening up. In line with its midterm strategy, the CEO reiterated the bank's criteria for a transaction. It will consider acquisitions in markets in which it is already present to extract synergies, it is seeking a target with a cultural fit, and any deal must be accretive with a 10% return on investment within three years. "We are looking...but there is nothing imminent for the moment," Pradelli says, adding that the group is working with investment banks to identify potential targets. (elena.vardon@wsj.com)
(END) Dow Jones Newswires
November 20, 2024 03:35 ET (08:35 GMT)
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