Switzerland's EFG International (EFGN.S) is selling its British wealth management service Harris Allday to rival Canaccord Wealth, the company said on Wednesday.
Through the sale, EFG's U.K. arm intends to focus on its core business in the region, catering to high net worth and ultra-high net worth clients.
Harris Allday, which controls about 3.1 billion pounds ($4.2 billion) in assets under management, is focused on affluent clients.
Though a price tag was not given, EFG expects the sale to improve the group's profit before tax by about 20 million Swiss francs ($24.68 million) in the second half of 2026 as well as increase its common equity tier 1 (CET1) capital ratio by around 30 basis points.
The transaction is expected to be closed in the fourth quarter.
($1 = 0.7377 pounds)
($1 = 0.8104 Swiss francs)
