SIX Group AG will increase its stake in Germany-based SECB Swiss Euro Clearing Bank GmbH to 100% from 25% currently, in a bid to strengthen the Swiss exchange's position as a provider of core infrastructure services for banks.
The parties decided to not reveal the price of the acquisition. SIX expects the acquisition, which is subject to supervisory approvals, to complete by the fourth quarter.
Since 1999, SIX has held a 25% stake in SECB, which connects the major euro clearing systems and processes payment transactions in euros, primarily for banks and other financial institutions in Switzerland and Liechtenstein. The other shareholders — UBS Group AG, Credit Suisse Group AG and PostFinance AG — each hold a 25% stake in SECB.
"We intend to expand the client base and the product portfolio. This will underpin our efforts to strengthen the positioning of SIX as a provider of core infrastructure services for banks, and ultimately for the entire Swiss financial center," said SIX CEO Jos Dijsselhof.