Swiss procurement company Chain IQ lands a big fish in the banking industry.
The Swiss private bank Pictet enters into a partnership with the Swiss company Chain IQ, finews.com has learned from company sources. Repositioning its procurement activities to drive down costs is behind the decision.
Because Chain IQ manages procurement for several companies, it can help Pictet achieve purchasing efficiencies it wouldn't be able to on its own. An added benefit is putting in place a uniform and efficient global procurement process which will help with simplifying compliance.
The implementation of the partnership is still in the early stages and is expected to take nine months. Pictet's current procurement process will remain unchanged for the time being. Once the implementation phase is complete, all Pictet employees and suppliers will be informed about the new procurement process.
UBS and Credit Suisse Are Clients
Chain IQ is a UBS spin-off, active in more than 20 countries, serving over 60 major clients, including UBS and Credit Suisse, managing a purchasing volume of around 50 billion francs ($56.7 billion).
Sensitive Procurements Remain with Pictet
«Overall we should be able to realize considerable commercial savings opportunities and more effectively manage our cost base. We will retain a small internal procurement team to manage the relationship with Chain IQ and serve as a liaison to them,» according to Pictet.
