Avaloq has agreed to acquire BSI SA’s remaining interest in B-Source SA. The deal makes Avaloq the sole owner of its Swiss BPO centre.
Following the completion of the transaction, B-Source will be renamed Avaloq Sourcing Switzerland. The companies did not disclose the purchase price.
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In 2011, Avaloq bought a majority stake of 51% in B-Source, whose annual revenues have more than quadrupled since then. It currently provides managed banking services to 25 banks, which manage assets worth CHF310bn using the Avaloq Banking Suite.
BSI, which founded B-Source in 1995, remains an important customer of the Avaloq group.
Avaloq group CEO Francisco Fernandez said: "We are excited that our Swiss BPO centre is a full member of the Avaloq family. It has consistently excelled, and we will continue our success story together within the Avaloq group’s culture of innovation.
"There is significant demand for managed banking services in Switzerland, the EU and the Asia Pacific region where we recently launched BPO centres. With these centres up and running, we are perfectly positioned to serve global tier 1 banks across jurisdictions, such as Deutsche Bank and other customers which we will soon announce."
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By GlobalDataAvaloq Sourcing Switzerland offers a wide range of managed banking services to the financial industry. It employs more than 800 staff and will remain headquartered in Lugano.
