The joint IT-BO project between BCV and Zurich Cantonal Bank has come to an end

Lausanne, Switzerland, 28 August 2008 - In April 2007, BCV and Zurich Cantonal Bank (ZKB) concluded an agreement to develop a shared IT/back-office platform based on ZKB's existing system.

During the planning phase of this project it became clear that the preparation of ZKB's platform to integrate BCV's system would take several years longer than initially planned (2010-2011). In addition to sharply increasing the overall cost, this delay would create uncertainty about the project's feasibility. Under these circumstances, the project has been terminated.

Both BCV and ZKB believe that this initiative was a viable strategic option and regret that it will not be brought to fruition. The decision to end this project will have no effect on BCV's collaboration with ZKB in other banking areas.

BCV's Management wishes to emphasize that the Bank's IT system remains fully effective and able to meet the Bank's needs for the years ahead. It would also like to point out that alongside the project with ZKB announced last year, BCV took an equally important step in securing the future of an IT banking competence center in Vaud Canton. BCV achieved this goal by transferring IT-subsidiary Unicible's activities and its 300 jobs to IBM, which manages BCV's computer systems to the Bank's entire satisfaction. BCV can now focus on selecting the most appropriate IT solution for the future.

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