Swiss bank Raiffeisen has completed the deployment of Avaloq core banking platform at all 900 banking sites in Switzerland.

Furthermore, the Swiss bank has reached an agreement to buy Avaloq’s 49% stake in their IT joint venture Arizon Sourcing. The venture was created to migrate Raiffeisen to Avaloq’s IT platform, which has now been completed.

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The software provider migrated 253 Raiffeisen banks onto its technology, covering all 11,000 bank employees.

Raiffeisen Switzerland in its press statement said that it will further develop and operate the platform itself in future.

By the end of the first half of this year, Arizon is expected to be fully merged with Raiffeisen Switzerland.

Raiffeisen Switzerland COO Rolf Olmesdahl said: “This new core banking system allows us to provide our employees with a new platform. With this, Raiffeisen Switzerland is laying the foundation for the agile implementation of future digital projects.

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“After completion of the migration, for strategic reasons we wanted Raiffeisen Switzerland– and contrary to the original plan – to be able to operate and further develop the banking platform ourselves in the future.

“In the context of this transaction, accruals of CHF69m were set up, which are included in the special items of CHF300m reported in the year end results of the Raiffeisen group for 2018.”

The move to buys out Avaloq from the JV has surprised many as it is contrary to earlier plans for the JV to be eventually led Avaloq.

In November 2017, Raiffeisen Switzerland sold its 10% stake in Avaloq to American private equity firm Warburg Pincus.