EFG International, a Zurich-based private bank, reported a 33% fall in net profit to SFr221.9m last year as the company said exceptional economic conditions in 2008 slowed its progress and will continue to do so this year. The bank added that it was looking to finance a major acquisition, possibly through a rights issue.

Profits were hit by an unexpected SFr108m write-down on life settlement policies purchased in 2007 with the intention of selling to clients - adjusted for non-recurring items, principally relating to the value of these policies, the bank said net profit was SFr280.9m.