EFG International Settles Public Pension Fund Legal Case In Kuwait

EFG International has reached a final settlement with Kuwait’s Public Institution for Social Security (PIFSS) over civil proceedings in the UK, the Swiss private bank said.

Kuwait’s public pension fund had accused asset manager Man Group, EFG and others of involvement in laundering bribes allegedly paid to its late director.

EFG said it had already made a provision for the case, but the settlement would have a marginal additional impact of about 5 million Swiss francs ($6.09 million) on its net profit for the second half of 2026.

The settlement removes all remaining litigation risk for EFG arising from the claims involved in the UK proceedings, which relate to events that took place between 1995 and 2012, the bank said.