Switzerland-based financial services technology provider SIX has acquired the remaining stake of German-based Swiss Euro Clearing Bank (SECB).
SIX has held a 25 per cent stake in SECB since 1999, but through this deal it will increase its share-hold to 100 per cent. Swiss banks UBS, Credit Suisse and PostFinance, which all held 25 per cent each, have sold their shares to SECB. The valuation of the deal has not been disclosed.
By fully acquiring SECB, SIX will be able to enhance its position as a provider of core infrastructure services for banks.
SCEB is a commercial bank which exclusively focuses on the settlement of euro payments and related customer services, as well as cash and collateral management. The business serves as the connection to the main euro clearing systems and euro payment processing for banks and financial institutions in Switzerland and Lichtenstein and other countries.
SIX CEO Jos Dijsselhof said, “In line with the strategy that SIX is pursuing, our acquisition of the shares in SECB offers us the opportunity to maximise the benefits for the Swiss financial centre.
“We intend to expand the client base and the product portfolio. This will underpin our efforts to strengthen the positioning of SIX as a provider of core infrastructure services for banks, and ultimately for the entire Swiss financial centre. In that way we will also strengthen the competitiveness of the Swiss financial centre.”
SIX is a technology provider for the financial industry, providing tools for exchanges, banking, financial information and cards and payments.
Earlier in the year, the company’s payments division SIX Payment Services extended its partnership with Bancontact, continuing a deal which has lasted five years. The deal sees SIX operate and develop Bancontact’s card payment scheme.
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