Following the completion of a major project that saw hundreds of sites moved to a new core platform, Raiffeisen Switzerland has decided to buy out its partner in the project, fintech firm Avaloq.
Raiffeisen and Avaloq set up Arizon Sourcing to carry out the move to the latter's IT platform, which has now been completed, covering 11,000 staffers at 900 sites across Switzerland.
Initially, the two firms planned to keep working together but Raiffeisen has now bought out Avaloq's 49% stake in Arizon Sourcing, which will now be integrated into the bank, which plans to operate the IT platform itself.
Rolf Olmesdahl, COO, Raiffeisen Switzerland, says: "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."
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