BSI Bank

BSI was one of the oldest private banks in Switzerland. It was one of the major players in the international wealth management sector as well as one of the 10 biggest asset managers in Switzerland. BSI no longer operates as a private bank: it was taken over by EFG International in 2016, a transaction the Swiss regulator approved on the condition that BSI be completely integrated and dissolved. The BSI SA entity remains registered in Lugano, with the stated purpose of winding down its former supervised business. The company was established in 1873 under the name Banca della Svizzera Italiana. In 1998, Banca della Svizzera Italiana became a wholly owned subsidiary of Generali Group (one of the world's largest insurers) and changed its name to BSI SA. In 2014, Generali sold BSI to Brazilian investment bank BTG Pactual, then controlled by Andre Esteves. In 2016, BSI was acquired by EFG International AG (SIX: EFGN), a Swiss private banking group. Over the years, BSI had extended its presence in Switzerland and abroad. At the time of the takeover the company had 9 branches (Geneva, Locarno, Lausanne, Bellinzona, Chiasso, Zurich, Bahrain, Nassau and Hong Kong), 3 representative offices (Istanbul, Montevideo and Panama), 5 banks (Luxembourg, Monte Carlo, Nassau, Panama, Singapore) and one agency (Crans-Montana). As of June 30, 2016, BSI Group had assets under management and assets under custody of CHF 73.7 billion.

On May 24, 2016, the Swiss Financial Market Supervisory Authority (FINMA) closed enforcement proceedings against BSI over its business relationships linked to the 1MDB and Petrobras corruption scandals, finding serious breaches of money laundering regulations and of the fit-and-proper requirements, and ordered the disgorgement of CHF 95 million in illegally generated profits. In the same decision FINMA approved the full takeover of BSI by EFG International on the condition that BSI be completely integrated and dissolved within 12 months; the Monetary Authority of Singapore announced at the same time that it intended to withdraw the licence of BSI's Singapore unit and impose a fine of about 13 million Singapore dollars.

Former head office address:
Via Magatti 2
6900 Lugano, Switzerland
Phone number: +41 (0) 58 809 3111
Fax: +41 (0) 58 809 3678
Former website: www.bsibank.com (the domain no longer resolves)

BSI International Locations (as of 2016)

The offices listed below are those BSI reported before its 2016 takeover by EFG International, which the Swiss regulator approved on the condition that BSI be completely integrated and dissolved. They are retained here as a historical record.

BSI Europe S.A. - Italian branch
Via Paleocapa, 5
20121 Milan - Italy

BSI Monaco SAM
35 boulevard Princesse Charlotte
MC - 98000 Monaco

BSI Malta - Trust Corporation
35, St. Zachary Street
Valletta, VLT 1132

BSI Europe S.A.
122, rue Adolphe Fischer
L- 1521 Luxembourg

Montevideo
Antonio D. Costa 3571, Piso 2
11300 - Montevideo - UY

Nassau
BSI Overseas (Bahamas) Ltd.
Goodman's Bay Corporate Center
West Bay Street and Sea View Drive
Nassau - BS

BSI Bank (Panama) S.A.
Torre Generali, Piso 14
Ave. Samuel Lewis y Calle 54
Panama - PA
Obarrio Apartado 832-1637, WTC - PA

France
Oudart SA
10, Rue de la Paix
75002 Paris, France

Hong Kong
BSI Ltd, Hong Kong Branch
20th Floor, Two Exchange Square, Central
Hong Kong - HK

Singapore
7 Temasek Boulevard
#31-01 Suntec Tower One
038987 - Singapore - SG

Bahrain
Bahrain Financial Harbour, West Tower, 14th Floor
P.O Box 11321
Manama, Kingdom of Bahrain