Home » Economy » Banks and insurers – Raiffeisen sells Helvetia's stake fully | News

Banks and insurers – Raiffeisen sells Helvetia's stake fully | News

Thursday, September 14th, 2017 | Economy

The company decided to sell its 4% stake, according to a media release on Thursday evening. The long-term business relations between Helvetia and Raiffeisen are not to be affected by the sale of the shareholding. The co-operation in the sale of Helvetia insurances in the Raiffeisen banks remains.
Raiffeisen CEO Patrik Gisel had never made a secret out of his conviction, that no share participation would be necessary in cooperative ventures. The Helvetia investment had built Gisel's predecessor and current Helvetia Chairman of the Board, Pierin Vincenz.
The move is related to the reorientation of the network strategy, is reported by Raiffeisen. There is no need for financial participation for a successful cooperation. Raiffeisen wanted to focus its capital allocation on the core business, also with a view to increasing regulatory capital requirements. The sale strengthens Raiffeisen's own capital base.
The sales process had started on the reporting date after the close of the stock exchange. The sale of the position is achieved through an accelerated bookbuilding process with institutional investors, it says. Investors are asked to bid for desired volumes and prices. Subsequently, the shares were allotted and the result was communicated after completion of the placement.
Helvetia shares closed on Thursday at CHF 526.50. With Helvetia's market capitalization of CHF 5.24 billion, share sales are expected to reach a volume of around CHF 209 million.
(Cash / AWP)

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