vorherige

15. September 2015, Berlin

  • quirin CEO Karl Matthaeus Schmidt: the strategic focus is on further expansion of the bank's two core business segments: private banking and investment banking
  • The Swiss Avaloq Group will be the sole owner of Avaloq Sourcing (Deutschland) AG
  • quirin bank will remain a client and partner in the introduction of Avaloq software in Germany

quirin bank AG is selling its minority share in Avaloq Sourcing Deutschland AG. Thereby, the Swiss Avaloq Group will become the sole owner of its German subsidiary. In early 2013, the leading international supplier of banking software had already acquired the Business Processing Outsourcing (BPO) unit previously operated by quirin bank. Alongside processing securities and payments, this business also provides complete banking systems for private banks. In this transaction, both - client relationships looked after by quirin bank before (Bank Julius Baer Europe AG, Tradegate AG Wertpapierhandelsbank, Bank Vontobel Europe AG and V-Bank AG), and the bank's own processing units - were transferred into the Avaloq Sourcing (Deutschland) AG, a limited company under German law.

Karl Matthaeus Schmidt, Chief Executive Officer of quirin bank AG: "We are entering the final stage of migrating to the Avaloq Banking Suite both our own system and those of the four other client banks. The independence of Avaloq Sourcing (Deutschland) AG is the next logical step. With this decision, we can continue to push forward our strategy of focussing on our two core business areas: private banking and investment banking. With Avaloq we also have a high-performance partner for the future in terms of all key IT and back-office processes." He added that the Avaloq Group will also have the entrepreneurial scope required for further expansion plans in Germany, and that quirin bank will also continue to be a client and partner in the introduction of the new Avaloq banking software in Germany.

Francisco Fernandez, CEO of Avaloq Group: "We are strengthening our commitment in Germany with the complete takeover of the BPO Center, which already oversees 30 billion euros of client bank assets. This step provides an excellent basis for the further development of the German BPO market as part of our growth strategy. As a completely independent supplier, we enable banks to achieve the higher levels they target, meaning that there is significant interest in our products and services. With the Avaloq Banking Suite, we offer a broadly scalable solution that we also operate in our other networked BPO Centers in Switzerland and Singapore. 3900 billion USD are processed using our banking software every day, of which 280 billion are processed in our BPO Centers. İşbank and BHF-Bank - two reputable banks in Germany - have recently joined our BPO customer base by choosing the Avaloq Banking Suite."

The scheduled completion date for the transaction is 22 September 2015. Confidentiality has been agreed regarding the purchase price.

About quirin bank:
As the first fee-based advisory bank in Germany, quirin bank AG offers banking and financial transaction in two business areas: investment business for private customers (fee-based advisory) and advice in terms of financial measures on an equity basis for medium-sized companies (the entrepreneur's bank). The financial institute was founded in 1998 and has its headquarter in Berlin. It currently manages around 3 billion euros of customer assets. In fee-based advisory, quirin bank offers investors a new investment-concept, which is based on complete cost transparency and the reimbursement of all outstanding and hidden commissions.

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