Banque Cantonale Vaudoise (BCV) is planning to divest 7.3% share in Swisscanto, the cantonal banks’ joint investment-fund venture, to ZürcherKantonalbank (ZKB) for CHF360.3m.

BCV said that the profit contribution on this transaction, which is expected to be approximately CHF18m, will be booked in 2015.

The transaction is expected to close in the first quarter of 2015 following approvals from the domestic and international authorities.

The acquisition will include a further payment that will be paid to the cantonal banks between 2016 and 2018, based on the success of their business.

BCV, which serves as custodian banks for Swisscanto funds with CHF10bn in Swisscanto assets, added that its role as a custodian will evolve as from 2016, but this will have no material impact on its results.

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This deal will not have an effect on existing BCV clients or interested to purchase Swisscanto fund units.

The sale comes as part of a deal under which all the cantonal banks are selling their holdings in Swisscanto to ZKB.