BCV and Asesores y Gestores agree on management buy-out of BCV’s 50% holding

This divestiture, once implemented in early 2008, will set the stage for EFG International’s planned purchase of a majority stake in Asesores y Gestores.

Lausanne, Switzerland and Madrid, Spain – December 21, 2007

Banque Cantonale Vaudoise (BCV) has agreed to sell its 50% stake in the capital of Asesores y Gestores SA (A&G) to the other shareholders of A&G. Subject to regulatory approvals and the parties' compliance with the conditions set forth in the agreement, the divestiture will take place in the first quarter of 2008 through a management buy-out. The parties have agreed not to reveal any information on the transaction price.

A&G is a leading investment manager for both private and institutional clients in the Spanish onshore market, with operations in Madrid, Barcelona and Valladolid. The company has achieved solid growth in recent years, with AuM currently at EUR 2.5bn (CHF 4.2bn). BCV, with total assets under management of CHF 84.1bn at 30 September, has been a shareholder of A&G since June 2000.

In step with BCV’s strategic realignment

A&G‘s exclusive focus on the Spanish onshore market limits the potential for strategic synergies with the rest of BCV Group. This factor, taken together with BCV Group's announced policy of not seeking strategic growth among foreign subsidiaries, led to BCV's decision. This transaction completes a series of closings and divestments that BCV has recently implemented in Greece, Italy, France, Singapore and Hong Kong. Following this sale, BCV Group will no longer have any wealth management subsidiaries outside Switzerland.

EFG International to purchase majority stake in A&G

BCV’s divestment will set the stage for a subsequent transaction, in which A&G’s management has agreed to sell a majority stake in the company to EFG International. This operation, which should take place during the first quarter of 2008, is also subject to regulatory approvals.

Contact(s)

Christian Jacot-Descombes, Press Officer
Phone + 41 21 212 28 61
E-mail

Wilhelm Blaeuer, Investor relations
Phone + 41 21 212 20 71
E-mail

Alberto Rodriguez-Fraile, A&G
Phone +34 91 590 21 21
E-mail

Javier Martínez López, A&G
Phone +34 91 590 21 21
E-mail

This press release is being issued outside the trading hours of the SIX, Swiss Exchange in order to comply with the principles of ad hoc disclosure pursuant to the SIX listing rules.