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THE MONTH IN NUMBERS
The month in numbers… SFR 1 BILLION…Private equity firm, Warburg Pincus, is to pay close to Sfr300 million for a 35% stake in
Swiss core banking venture, Avaloq. The transaction, touted as the first step towards a potential public listing, values the company in excess of Sfr1 billion.
Avaloq has more than 2,000 employees and serves 155 banks and wealth managers in the likes of London, Frankfurt and Paris. It generated revenues of Sfr533 million in 2016, a 10% increase from a year earlier. As part of the transaction, Founder and CEO Francisco Fernandez will also assume the role of Chairman. Jürg Hunziker will take on the role of Deputy CEO and Group Chief Markets Officer.
The company is also creating a European Advisory Board to support strategic initiatives and growth. This will include Jacques Aigrain, former CEO at Swiss Re and Chairman,
LCH.Clearnet, Stefano Boccadoro, the former General Manager at Cassa Lombarda Bank and CEO, Santander Italy, Stefan Krause, former Chief Financial Officer, Deutsche Bank and BMW and Javier Marin, former CEO, Santander.
$1.5 B ILLION… Spain’s BBVA is set to invest $1.5 billion in Mexican subsidiary, BBVA Bancomer, as part of a five-year transformation initiative, the aim of which is to leverage technology and develop solutions for the latter’s customers.
BBVA Executive Chairman Francisco González says: “We are long-term investors and I hope we get more opportunities to continue to invest. I have always believed in this country, we have had good moments, not so good ones too, but Mexico is here, always solid. We have an enormous confidence in Mexico, in BBVA Bancomer, in our team and the Mexican business community.”
He adds: “North America is one of the most attractive regions in the world for investments, with a young population. And Mexico is a vibrant country with great strengths. Its 120 million people are very young and fully motivated to do great things. Mexico is stronger than most people think, thanks to its population, its close relationship with the US, the dynamics of its industries and its business community. We are really pleased to be here.”
13,000 … Wells Fargo customers now have card-free access to all of its 13,000 US ATMs. The bank’s One-Time
Access Code technology allows them to authenticate at an ATM using an eight-digit token and their debit or ATM PIN, instead of a physical card.
www.ibsintelligence.com © IBS Intelligence 2017
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