Navigation

Baloise not set on remaining independent

Rolf Schäuble chief executive at Baloise Keystone

Switzerland's fourth-largest insurance group, Baloise, which has often been the subject of takeover speculation, is not necessarily set on staying independent, its chief executive Rolf Schäuble told Swiss business magazine "Cash"

This content was published on July 13, 2001 - 11:37

"I have never said that we want to remain independent under any circumstances, but we believe in the chance to remain independent," Schäuble said in the interview published on Friday.

Baloise has a market value of about SFr10 billion ($5.65 billion), which would make it an expensive target, Schäuble added.

Zurich Financial Services is the largest shareholder in Baloise with a 28 per cent holding, and Swiss financier Martin Ebner's BZ Group has 14.3 per cent.

The fragmented ownership structure has put Baloise in the takeover spotlight and French insurer Axa, one of the last big insurance companies yet to enter the Swiss market, has been seen as a potential suitor.

"Axa could very well get a bigger company," Schäuble said in response to the speculation. He reiterated that Baloise was keeping its eyes open for a possible banking acquisition in Germany, but was not actively seeking a buy. It wanted first to restructure its offices there - a process expected to be completed in the spring of 2002.

"After that I can imagine that we'll buy a bank," Schäuble said.

Baloise reported a net profit of SFr634 million in 2000 on premium income of SFr6.76 billion.

swissinfo with agencies

This article was automatically imported from our old content management system. If you see any display errors, please let us know: community-feedback@swissinfo.ch

In compliance with the JTI standards

In compliance with the JTI standards

More: SWI swissinfo.ch certified by the Journalism Trust Initiative

Contributions under this article have been turned off. You can find an overview of ongoing debates with our journalists here. Please join us!

If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.

Share this story

Change your password

Do you really want to delete your profile?