BCV is selling its 7.3% share in Swisscanto, the cantonal banks' joint investment-fund venture, to ZürcherKantonalbank (ZKB). This sale is part of a deal under which all the cantonal banks are selling their holdings in Swisscanto to ZKB.
The profit contribution on this transaction will be booked in 2015 and will amount to approximately CHF 18m. BCV is one of the custodian banks for Swisscanto funds, with roughly CHF 10bn in Swisscanto assets. BCV's role as custodian will evolveas from 2016, but this will have no material impact on the Bank's results.
This transaction will not affect BCV clients currently holding or wishing to purchase Swisscanto fund units.
Link to ZKB's press release: https://www.zkb.ch/en/lg/ew/dsc-media/press-releases.html
Lausanne, Switzerland, 11 December 2014
Christian Jacot-Descombes, Press Officer
Phone + 41 21 212 28 61
Gregory Duong, Investor Relations Officer
Phone + 41 21 212 20 71
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.
The above text is a translation of the original French document; only the French version is authoritative.