Valiant has agreed to buy Triba Bank, a small regional bank in the heart of Switzerland. Triba is too small to go it alone.
Valiant agreed to buy Triba Bank, a partner institute, it said in a statement today. Triba shareholders will be offered 1,450 francs per share.
Triba’s board of directors support the offer, which corresponds to a premium of 9 percent compared with the average share price in the past months. The total transaction price will be 55 million Swiss francs.
Full Integration Planned
Valiant plans to fully integrate Triba’s business. The small regional bank, based in Triengen in the canton of Lucerne, is faced with the same challenges as its bigger rivals: regulatory demands, narrowing margins and high investments needed for the digital offerings.
Valiant and Triba have had a partnership agreement since 2009 and Valiant already is Triba’s biggest shareholder with a stake of 30.6 percent.
Ideal Timing
The board and management of Triba are convinced that the offer and takeover are in the best interest of the bank, its customers, staff and shareholders.
«We are able to make such a decision from a position of strength,» said Arne Fischer, Triba’s chairman. «The timing of the step is ideal.»
Triba, with the headquarters in Triengen and branches in Sursee and Willisau, is extending Valiant’s reach. The company will retain the business and all its employees.
