The technology firm, well known to the wealth management industry, has acquired the remaining stake from BSI in a business processing firm for an undisclosed price.

Fintech firm Avaloq has agreed with Swiss-headquartered BSI to acquire the private bank’s remaining stake in B-Source, the business processing firm. The business has been renamed Avaloq Sourcing Switzerland.

Avaloq acquired a majority stake of 51 per cent in B-Source in 2011. Since then, the Swiss BPO centre has more than quadrupled its annual revenues and now caters to 25 banks, which manage assets worth SFr310 billion ($319 billion), using the Avaloq Banking Suite. 

The parties are not disclosing the purchase price. BSI, the bank that founded B-Source in 1995, remains an "important customer" of the Avaloq group, the statement from Avaloq said.

With Avaloq Sourcing Switzerland and the recently launched centres in the EU and in Asia, three wholly owned BPO centres are now part of the Avaloq group.

The company’s growth strategy includes developing other BPO centres in major financial jurisdictions and in the future these will also be a part of the global processing network. The same applies to Arizon, the technology company Avaloq is building up jointly with Raiffeisen Switzerland.