15 September 2015
Avaloq group to become sole owner of Avaloq Sourcing (Deutschland) AG
The international Avaloq group has agreed with quirin bank to acquire its minority interest in Avaloq Sourcing (Deutschland) AG. This means that the Avaloq group will be the sole owner of its now fully independent German Business Process Outsourcing centre going forward. This decision demonstrates the company’s commitment to Germany.
The Avaloq group is acquiring the minority interest held by quirin bank AG in Avaloq Sourcing (Deutschland) AG. The acquisition will result in the Avaloq group becoming the sole owner of its subsidiary. From its offices in Berlin and Leipzig, the company will act as a completely independent Business Process Outsourcing (BPO) provider for the financial industry in Germany. The parties have agreed not to disclose the purchase price.
Avaloq, a leading international fintech and service provider for wealth management, universal and retail banks, acquired the BPO activities previously operated by quirin bank at the beginning of 2013. The main activities alongside securities settlement and payment handling on the modern Avaloq Banking Suite entail the provision of a complete business platform for private banks. The 2013 agreement included transferring the handling services served to quirin bank’s clients Bank Julius Bär Europa AG, Tradegate AG Wertpapierhandelsbank, Bank Vontobel Europe AG and V-Bank AG to the incorporated company operating under German law. Following the completion of the transaction, quirin bank is set to remain the banking partner and a customer of Avaloq Sourcing (Deutschland) AG.
Karl Matthäus Schmidt, Chairman of the Executive Board of quirin bank AG, comments: "We're entering the final phase of migration to the Avaloq Banking Suite, in both our case and that of the other customers; independence for Avaloq Sourcing (Deutschland) AG is the next logical step. This decision allows us at quirin bank to concentrate on systematically applying our strategy by focussing on our core business activities of fee-based advice and investment banking. With Avaloq, we have a strong partner for all key IT and back office processes going forward."
Francisco Fernandez, CEO of the Avaloq group says: "With the complete takeover of the BPO centre, which already manages almost 30 billion euros of assets of the customer banks, we reaffirm our commitment in Germany. This step provides an excellent foundation for the further development of the German BPO market as part of our growth strategy. As an independent vendor, we help banks to meet rising efficiency targets, which means we have tremendous interest in our products and services. With the Avaloq Banking Suite, we offer a broadly scalable solution that we also operate in our other BPO centres in Switzerland and Singapore. Our banking software is used to process $3,900 billion USD every single day, of which $280 billion is already handled by our own BPO centres. Alongside our BPO clients, two prestigious institutions in Germany in the form of İşbank and BHF-BANK recently decided to implement the Avaloq Banking Suite."