M and A
BCV, Other Swiss Cantonal Banks Sell Stake In Joint Investment Fund Venture
Banque Cantonale Vaudoise announced today it is selling its 7.3 per cent stake in Swisscanto, the joint investment fund venture, to Zürcher Kantonalbank, as all cantonal banks in Switzerland sell their holdings in the unit to ZKB.
Banque Cantonale Vaudoise
announced today it is selling its 7.3 per cent stake in
Swisscanto, the joint investment fund venture, to Zürcher
Kantonalbank, as all cantonal banks in Switzerland sell their
holdings in the unit to ZKB.
The profit contribution on this transaction will be booked in
2015 and will amount to approximately SFr18 million ($18.6
million), BCV said in a statement today.
BCV is one of the custodian banks for Swisscanto funds, with roughly SFr10 billion in Swisscanto assets. BCV's role as custodian will evolve as from 2016, but this will have no material impact on the bank's results, it said.
This transaction will not affect BCV clients currently holding or wishing to purchase Swisscanto fund units, the statement added.
