BTG Pactual

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.

HSBC Holdings Plc could select a preferred bidder for its struggling Brazilian unit as early as next month, with the sale expected to be finalized by August, three sources with knowledge of the process said.