Avaloq to acquire quirin bank’s stake in Avaloq Sourcing (Deutschland)

Avaloq Group has agreed to buy Berlin-based quirin bank's minority stake in Avaloq Sourcing (Deutschland) for an undisclosed sum.

Swiss banking solutions provider Avaloq Group has agreed to buy Berlin-based quirin bank’s minority stake in Avaloq Sourcing (Deutschland) for an undisclosed sum.

The deal makes Avaloq group the sole owner of its subsidiary, Avaloq Sourcing (Deutschland) AG, while quirin bank will remain as the banking partner and a customer of the subsidiary.

The subsidiary will act as a completely independent business process outsourcing (BPO) provider for the financial industry in Germany through its offices in Berlin and Leipzig.

During the start of 2013, Avaloq purchased the BPO activities previously operated by quirin bank.

quirin bank chairman of the executive board Karl Matthäus Schmidt said: “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.”

Avaloq group CEO Francisco Fernandez said: “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.

“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 Isbank and BHF-BANK recently decided to implement the Avaloq Banking Suite, he added.