EFG Bank has acquired Dresdner Lateinamerika Financial Advisors, a Miami-based wealth manager with mainly Latin American clients. Terms of t...

EFG Bank has acquired Dresdner Lateinamerika Financial Advisors, a Miami-based wealth manager with mainly Latin American clients. Terms of the deal were not disclosed.

DLFA has around $1 billion in assets under management and will be integrated into EFG Capital International, EFG’s Miami-based business.

"With this strategic acquisition, we are considerably strengthening our franchise in Latin America,” said Jean Pierre Cuoni, chairman of EFG, in a statement.

DLFA has a staff of 25 and was created in 2002 by integrating the Miami-based private banking activities of Dresdner Bank Lateinamerika with the operations of Vestrust Securities.

The DLFA sale represents the second divestment by Dresdner in the wealth management sector this year.

In April, Dresdner Bank Lateinamerika sold its private banking division to UBS and also closed down its Cayman Islands branch.