Private equity group Warburg Pincus has acquired a 35% stake in Avaloq, valuing the Swiss core banking firm at CHF1 billion. With a client list comprising 155 banks and wealth management firms and a joint venture with Raiffeisen in Switzerland serving 270 banks, Avaloq says the transaction is the first step towards a potential public listing in the coming years. As part of the deal, Avaloq, which operates outsourcing centers in the Philippines, Singapore, and Berlin, said its founder and Chief Executive Officer Francisco Fernandez will also assume the role of Chairman. Jürg Hunziker will serve as Deputy CEO and Group Chief Markets Officer (CMO). Warburg Pincus will partner with Swiss-based Avaloq to accelerate the company’s long-term growth and value creation strategy, Avaloq said in a statement.
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