EFG International is expanding its business to Portugal and has appointed an independent wealth manager to lead the local team.
Apart from the core business in Switzerland and Italy, EFG International also considers Europe as its key market. The bank has now decided to open an advisory branch in Portugal in September of 2019 following approval by the local regulator.
The new unit will be part of the Luxembourg unit. EFG appointed Pedro Rego as head of the new branch. He has previously been at BNP Paribas in Portugal and most recently worked as an independent wealth manager.
The target for the Portugal branch is to attract assets under management of 1.5 billion Swiss francs ($1.54 billion) by 2022.