In line with its 2019-2022 strategic plan, EFG International is expanding its footprint in Southern Europe with the opening of a presence in Lisbon, Portugal, as a branch of its Luxembourg entity, EFG Bank (Luxembourg).
Continental Europe represents EFG's second-largest region after Switzerland & Italy. Within this key area, EFG is focusing on capturing significant growth opportunities in the Portuguese and Southern European markets by leveraging its strong local knowhow and capabilities.
Following the granting of regulatory approvals, EFG business in Portugal is expected to be fully operational by 01 September 2019.
The new Portugal office, which is an advisory branch of EFG's Luxembourg entity, has already recruited eight employees for the start of operations and EFG aims to approximately double the size of the team within the first three years. The Portugal branch has set itself the target of generating approximately CHF1.5bn of Assets under Management by 2022.
EFG is today also announcing the appointment of Pedro Rego as the new head of its Portugal branch, effective May 2019, following the branch's official registration. Rego has extensive experience in the financial sector and previously held several managerial positions at BNP Paribas and Credit Lyonnais Portugal. Since 2011, he has worked as an independent asset manager, managing financial, corporate and real estate assets.
Drawing on his profound knowledge of the Portuguese banking sector, Rego will be responsible for launchingEFG's business in Portugal and thus further developing the bank's presence in Southern Europe, which constitutes a key strategic market with attractive growth opportunities. He will report to Lena Lascari, CEO of EFG Bank (Luxembourg).