21 December 2005

Three cantonal banks choose Avaloq

The Luzerner Kantonalbank, the Thurgauer Kantonalbank and St. Galler Kantonalbank - as well as the SGKB's subsidiary, the private bank Hyposwiss - are switching to the standard software developed by Avaloq. The Deployment of the Avaloq Banking System enables the four banks to operate efficiently and effectively in the market also in the future. With the decision of the cantonal banks Avaloq extends its leadership as producer of standard banking software to the retail banking market. Today, more than 20 banks from the retail, universal and private banking sectors are using the Zurich company's software.

On 20 December 2005 the Luzerner Kantonalbank, the Thurgauer Kantonalbank, St. Galler Kantonalbank, as well as the St. Galler Kantonalbank's subsidary, the Hyposwiss Bank, signed a contract with Zurich-based banking software producer Avaloq. The three cantonal banks will deploy the Avaloq Banking System as their core banking system. The changeover is coupled with a complete renewal of the IT infrastructure. Also, by moving from the current cooperation model to a market-oriented solution, the individual banks will increase their strategic options.

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