1025 GMT - EFG International's acquisition of its smaller peer Cite Gestion shows that the Swiss private bank is managing its attractive surplus capital well, Citi says in a research note. There is a lot to like in the company's results given the strong assets under management, analysts write. "EFG continues to deliver against strategic goals, which should continue to reassure investors," they note. The bank didn't announce extra cost savings on top of its 60 million Swiss franc plan. This could have a negative readacross to peer Julius Baer, which peer hired a similar proportion of client relationship officers and back-office staff in 2023 and is expected to announce additional savings at its investor day later this year. EFG shares rise 1.4% while Julius Baer's fall 1.2%. (elena.vardon@wsj.com)
(END) Dow Jones Newswires
February 19, 2025 05:25 ET (10:25 GMT)
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