10 February 2016
Avaloq group now sole owner of its Swiss BPO centre
The Avaloq group accelerates the execution of its growth strategy. Therefore, it has agreed with BSI SA to acquire its remaining interest in B-Source SA, which will be renamed Avaloq Sourcing Switzerland SA. Avaloq is now the sole owner of its largest and most mature Business Process Outsourcing (BPO) centre.
Avaloq acquired a majority stake of 51 per cent in B-Source in 2011. Since then, the Swiss BPO centre has more than quadrupled its annual revenues. Today, it provides its managed banking services to 25 banks, which manage assets worth 310 bn CHF using the Avaloq Banking Suite. The parties have agreed not to disclose the purchase price. BSI, the bank that founded B-Source in 1995 as a BPO pioneer, remains an important customer of the Avaloq group.
Avaloq’s Swiss BPO centre will extend its leadership in offering managed banking services to the financial industry, now as a fully independent provider. With Avaloq Sourcing Switzerland and the recently launched centres in the EU and in Asia, three wholly owned BPO centres are now a part of the Avaloq group and shape Avaloq’s Global Processing Network (GPN).
The company’s growth strategy includes developing other BPO centres in major financial jurisdictions and in the future these will also be a part of the GPN. The same applies to Arizon, the technology company Avaloq is building up jointly with Raiffeisen Switzerland.
Francisco Fernandez, CEO of the Avaloq group, says, "We set the stage for accelerated growth by strengthening our capital base last year. Now we turn opportunities into reality. We are excited that our Swiss BPO centre is a full member of the Avaloq family. It has consistently excelled, and we will continue our success story together within the Avaloq group’s culture of innovation. There is significant demand for managed banking services in Switzerland, the EU and the Asia Pacific region where we recently launched BPO centres. With these centres up and running, we are perfectly positioned to serve global tier 1 banks across jurisdictions, such as Deutsche Bank and other customers which we will soon announce.”
Avaloq Sourcing Switzerland delivers a wide range of managed banking services to the financial industry. Its application landscape is based on the Avaloq Banking Suite. It employs more than 800 staff and will remain headquartered in Lugano. Overall, the Avaloq group serves more than 450 banks and wealth managers in over 20 countries.