Swisscom creates new IT unit with cantonal banks
The country's leading telecommunications operator, Swisscom, is to create a new information technology subsidiary and merge it with AGI IT services, which is jointly owned by eight Swiss cantonal banks. It's hoped that the new company will start business early next year.
The merger will create an enterprise with annual sales revenue of around SFr900 million ($528 million) and a workforce of 2,300. Swisscom will have a 71.1 per cent stake in the new venture with the rest owned by AGI Holding.
The company, to be called Swisscom IT services, will be active in 18 cities nationwide and Swisscom says it will be a leading provider of IT services. The present head of AGI, Urs Stahlberger, will head the new company.
The eight cantonal banks involved are those of Appenzell Inner Rhodes, Fribourg, Glarus, Lucerne, Nidwalden, Obwalden, St Gallen and Thurgau. They hope to achieve savings through the merger and to facilitate their entrance into the IT market.
The competition commission is expected to approve the merger by the end of the year.
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