SWX Group, SIS Group and Telekurs Group have signed a letter of intent to merge the three organisations.
Within the framework of the contemplated merger, the business activities of all three companies are to be combined under one roof. Subject to approval by the owners and responsible authorities, the transaction is expected to take effect in early 2008.
The reorganisation offers the following advantages, the groups said in a statement:
• Combining the activities of SWX, SIS and Telekurs will strengthen Switzerland’s financial market infrastructure as well as heighten efficiency and innovativeness across the entire value chain.
• Integrated financial market infrastructure, combined with a streamlined governance structure, concentrated capital clout and increased innovative strength, will have a positive impact on the international competitiveness of the Swiss financial centre.
• The unified enterprise will foster close collaboration with international partners and continue to offer open multi-provider architecture that enables unhindered access to securities trading, clearing and settlement.
• The ownership structure is therefore oriented towards long-term stability; it comprises the existing domestic and international financial market participants, which are already the users of the organisations.
“With this contemplated merger, we will be strengthening the Swiss financial centre by offering integrated infrastructure that spans the entire value chain,” said Dr. Peter Gomez, chairman of the board of the SWX Group. “Moreover, the open multi-provider architecture affords us unhindered access to all possibilities for international collaboration.”
Romeo Lacher, chairman of the board for SIS Group, added: “The SIS Group has been confronting the torrid pace of change in the international securities business for quite some time now. The merger with both partner organisations will help us on our chosen path to become even better and more efficient, as well as to realise joint projects more rapidly.”
Stephan Zimmermann, chairman of the board for Telekurs Group, added: “The Telekurs Group has been working very closely with SWX and SIS already since years. Through this planned leveraging of strengths, the new company will be even more internationally anchored and thus able to position itself as a world leader also in the years ahead.”