Avaloq and Raiffeisen have signed a long-term agreement with regard to the operation of the new platform. Under the agreement, Raiffeisen Switzerland will acquire Avaloq's 49% stake in the previous joint venture Arizon Sourcing AG.
In future, Raiffeisen Switzerland will further develop and operate the platform itself. Arizon will be fully integrated into Raiffeisen Switzerland in the first half of 2019.
53 banks (246 Raiffeisen banks, six branches and the central bank) will now be operated on one platform. The platform is available to all 11,000 employees at 900 separate Raiffeisen sites throughout Switzerland.
Rolf Olmesdahl, COO and member of the Executive Board of Raiffeisen Switzerland, 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."
"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 CHF 69m were set up, which are included in the special items of CHF 300m reported in the year end results of the Raiffeisen group for 2018. We would like to thank everyone at Avaloq and Arizon who has been involved in the project for their constructive and professional work", he continued.