Avaloq Group AG agreed to acquire 51% stake in the business process outsourcing unit from Quirin Bank AG (DB:QB7) on December 17, 2012. Avaloq Group and Quirin Bank will form a joint venture entity, named Avaloq Sourcing AG. Quirin Bank's existing business unit, business process outsourcing, will be integrated into Avaloq Sourcing AG.

All employees of Quirin Bank's business process outsourcing division will be transferred to Avaloq Sourcing AG. The Berlin and Leipzig facilities from where Quirin Bank already successfully provides business process outsourcing services will be retained. Markus Hauptmann of White & Case LLP acted as legal advisor for Quirin Bank.