EFG Bank, EFG International’s business in Scandinavia, will establish a new business in Denmark, effective March 2010, subject to regulatory approval.

Lars-Christian Brask has been recruited as managing director. He was formerly responsible for the Danish private banking business of Carnegie, and his career has
also included senior roles at Merrill Lynch (as Head of Nordic region) and UBS
Wealth Management.

The business will be based in Copenhagen, and EFG Bank has also recruited three
other bankers formerly at Carnegie: Anders Borchsenius, Eigil Døhn Jacobsen and
Henrik Müthel. In addition, Franz Ifanger will join the operation from EFG Bank in
Malmö.

“We have had an interest in the Danish market for some time, and I feel strongly
that we have found the right opportunity courtesy of Lars-Christian Brask and his
team. Danish clients, both private and institutional, stand to benefit from our dynamic approach, wide range of asset management capabilities, and the international reach of our parent company, EFG International,” said Martin Nilsson, chief executive officer, EFG Bank.-TradeArabia News Service