EFG International to cut up to 450 jobs as part of BSI integration

Swiss private bank EFG International plans to cut up to 450 jobs over the next three years as part of its takeover of BSI Bank.

Its acquisition of Swiss rival BSI from Brazil's Grupo BTG Pactual SA has made EFG one of Switzerland's biggest private banks, behind the likes of UBS, Credit Suisse, Julius Baer and Pictet.

The acquisition was announced in February and completed in November for a preliminary 1.06 billion Swiss francs ($1.05 billion).

EFG said it now expects 100 to 150 job cuts per year between 2017 and 2019.

"Having conducted a more detailed analysis, additional synergies have been identified which will support us in building an efficient business of substantial scale to deliver sustainable growth," EFG Chief Executive Joachim Straehle said in a statement.

The cuts are across EFG and BSI, with around two thirds expected to take...