EFG International settles Kuwait bribery litigation

Swiss private bank EFG International has reached a final settlement with Kuwait’s Public Institution for Social Security (PIFSS), resolving long-standing civil proceedings initiated in the United Kingdom.

The legal action involved allegations that EFG, along with asset manager Man Group and other entities, was involved in laundering bribes paid to a former PIFSS director between 1995 and 2012.

EFG stated that the settlement will result in a marginal additional financial impact of approximately 5 million Swiss francs (about $6.09 million), which is expected to affect net profits in the second half of 2026. The bank noted that it had already established financial provisions to cover potential costs related to the case. This agreement effectively eliminates the remaining legacy litigation risk for the firm regarding these specific historical claims.