Deutsche Bank Profit Sinks but Beats Expectations

Figures are German lender’s first full quarter under a new structure announced in October Deutsche Bank AG on Thursday said first-quarter net income beat analysts’ expectations despite being pressured by difficult market conditions and the impact of the bank’s decision to exit certain areas. Net income declined 58% to €236 million ($267 million) compared with…

EFG Buys Luxembourg Private Bank of UBI Banca After BSI Deal

EFG International AG, in its second deal this year, has agreed to buy the Luxembourg-based private banking activities of UBI Banca International SA with 3.6 billion euros ($4.1 billion) of client assets. EFG earlier agreed to buy BSI from Brazil’s Grupo BTG Pactual SA in a bid to become Switzerland’s fifth-largest private bank. EFG didn’t…