Swiss banking group, Raiffeisen, is acquiring 10% of Avaloq group’s shares. The move comes as Avaloq, a banking technology company, looks to expand its number of shareholders.
Raiffeisen has been a partner of Avaloq since 2007. The two companies are involved in a joint venture named Arizon, which was founded in January 2015. The venture sees the Avaloq Banking Suite being implemented in all Raiffeisen banks across Switzerland. The latest share purchase further solidifies the relationship between the two companies.
Swiss headquartered Avaloq is increasing its shareholder base to develop its capital base. Until recently, the company was owned by employees and management. Avaloq looks to accelerate the implementation of its growth plans.
Francisco Fernandez, CEO of Avaloq, commented: "The strengthening of our successful partnership with Raiffeisen is a win-win situation for both companies. It will enable the Avaloq group to further accelerate its growth, while we continue to foster our agility. In addition, we will be able to speed up our innovation in developing sustainable solutions in sectors such as Digital Banking and Managed Banking Services."