Swiss Post’s financial division PostFinance has been granted a banking licence by the SwissFinancial Market Supervisory Authority (FINMA) to be transformed into a public limited company in
the second quarter of 2013 provided it implements certain necessary conditions.Even as a public limited company, PostFinance will still be entirely owned by Swiss Post. Itwill stick to its successful business model focusing on its core areas including payments andsavings.
PostFinance applied to FINMA back in October 2011 for the approval of a banking licenceaccording to the Swiss Banking Act. After thoroughly examining the application over the past fewmonths, FINMA has certified PostFinance to be qualified as a bank if it implements stipulatedconditions and requirements.
The financial unit has already taken some important measures to adhere to the requirementsincluding the implementation of organisational changes. It is already regulated by FINMA as far asmoney laundering is concerned, and the Board of Directors of PostFinance has been appointed.
The banking licence will come into force as soon as PostFinance has met all the necessaryconditions prior to the transformation into a public limited company. The division expects to meetthe conditions by the time it is demerged within a few months. The Federal Council will determinethe exact demerger date.
