Friday, 9th January 2009

 

10 July 2008 - Tara Loader Wilkinson

Swiss banks outsource securities management

The cantonal banks of Lucerne, St. Gallen and Thurgau are outsourcing their securities management. This is a first in Switzerland, as banks have previously kept their securities management in-house.

St. Galler and Luzerner cantonal banks have been operating the new system for several weeks already and Thurgauer Kantonalbank will go-live shortly too.

The service is being provided and managed by Swiss independent business service providers Fin-Log and Comit together.

Frank Müller Erkelenz, chief executive of Fin-Log, affirms: “We are convinced our service is a milestone in the young history of business process outsourcing in the Swiss banking industry. This service not only relieves banks of an extremely demanding and costly process, it also helps them achieve cost savings of up to 30% and a return on investment within 12 to 24 months.”

Tags: Switzerland

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