Banca Generali's Swiss unit only recently set up shop in Lugano. Now Avaloq will be running the private bank’s back-office operations.
Avaloq is partnering with the newly founded private bank BG Suisse, the software provider said in a statement Wednesday.
The Zurich-based banking software provider will help the private bank to build its digital banking platform and will run key elements of BG Suisse’s back-office operations, the statement said.
BG Suisse, which is fully owned by the Italian Banca Generali, opened an office in Lugano last year and is waiting to receive a banking license from Swiss regulator Finma, later this year.
Swiss Inroads
Banca Generali made its initial entry into the Swiss market in 2019 with the acquisition of the independent asset manager Valeur in Lugano, renamed BG Valeur and is under the operational management of Alida Carcano.
The company will exist alongside BG Suisse in the future, as finews.com previously reported.
