SIX to acquire stake in German commercial bank SECB

Wednesday 5 September 2018 13:58 CET | News

SIX has agreed to take full ownership in Germany-based commercial bank Swiss Euro Clearing Bank (SECB) by acquiring a 75% stake for an undisclosed price.

SIX owned a stake of 25% stake in SECB since 1999, will buy the 75% stake from UBS, Credit Suisse and PostFinance. The three Swiss banks have stakes of 25% each in SECB.

The commercial bank provides the connection to the main euro clearing systems and processes payment transactions in euros, mainly for banks and financial institutions across Switzerland, Liechtenstein and in other countries. SECB works as a correspondent bank for the financial institutions apart from being the manager of the euroSIC system operated by SIX in Switzerland.

The German bank is also responsible for supervising and monitoring the euroSIC system in addition to taking up the role of a liquidity manager for the system and as a settlement agent for the participants of the system.

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Keywords: SIX, Germany, Commercial Bank, Swiss Euro Clearing Bank, Switzerland
Countries: World

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