23 December 2004
The landscape of IT systems for banks is currently being reshaped. SCIS regards this as an opportunity to win new clients for migration, operation and maintenance. Just recently eleven regional banks decided to transfer the operation of the Finnova-Software-Platform to Swisscom IT Services.
The purchase price for AGI Holding is CHF 115 million. This purchase will result in a reduction of the Equity Free Cash Flow (EFCF) for the Swisscom Group in 2004 of the same amount. In accordance with the dividend policy, the EFCF will be distributed in full to shareholders in the form of dividend payments and a share buyback.
Swisscom IT Services came into being on 1 January 2002 as a result of the merger of Swisscom-Informatik and AGI IT Services. AGI IT Services was the IT provider for the AGI cooperation banks, namely the eight cantonal banks Appenzell (participation of 2.2% in AGI Holding), Fribourg (11.9%), Glarus (4.1%), Lucerne (26.8%), Obwalden (3.8%), Nidwalden (3.0%), St. Gallen (27.4%) and Thurgau (20.9%). The four smaller AGI banks (Appenzell, Glarus, Obwalden and Nidwalden) decided in spring 2004 to change to the Finnova platform and to continue to transfer the IT operations to Swisscom IT Services. The larger AGI banks (Fribourg, Lucerne, St. Gallen and Thurgau) are currently evaluating their future IT strategies including IT platforms and operations.
Berne, 23 December 2004