September 23, 2026 | by EFG International AG
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September 23, 2026, EFG International is announcing today that it has reached a final settlement with the Public Institution for Social Security (PIFSS) of Kuwait related to previously disclosed civil proceedings in the UK, which were brought by PIFSS against over 30 defendants. The settlement constitutes another important milestone in resolving legacy matters and in further de-risking EFG’s balance sheet.
As disclosed on 18 February 2026, EFG has already recorded a provision for this matter. Net of tax and recoveries, the settlement will result in a marginal additional impact of approximately CHF 5 million to EFG’s net profit in the second half of 2026.
The settlement removes all legacy litigation risk for EFG related to the claims at issue in the UK proceedings, which pertain to events between 1995 and 2012. The settlement is inclusive of all claimed damages, interest and costs as described in EFG’s Half-Year Report 20261.
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Conclusion of this article: « EFG resolves longstanding legacy litigation »
About EFG International AG
EFG International is a global private banking group offering private banking and asset management services and is headquartered in Zurich. EFG International's group of private banking businesses operates in over 40 locations worldwide. Its registered shares (EFGN) are listed on the SIX Swiss Exchange.
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Source: EFG International AG, Press release