Banque Cantonale de Genève Secures Stake in Finnova
Deal News | Dec 09, 2024 | Legal Community Swiss
Banque Cantonale de Genève (BCGE) has successfully acquired an 11% equity stake in Finnova Bankware, a prominent provider of banking applications that services about one-third of Swiss financial institutions. Accompanying this investment, BCGE has also secured a seat on Finnova's board of directors, marking a strategic move to potentially influence the company's future direction and integrate more closely with its product offerings. This transaction was supported by the legal counsel of Walder Wyss, with a team led by partner Alexandre Both, alongside Jörg Schneider, counsel Gion Giger, and associate Matteo Berti. Dimension served as the financial advisor to BCGE in this acquisition.
Sectors
- Banking and Financial Services
- Software and IT Services
Geography
- Switzerland – Both BCGE and Finnova are based in Switzerland, and the transaction pertains to the Swiss financial and software market.
Industry
- Banking and Financial Services – Involves BCGE as a banking institution seeking to expand its capabilities by investing in a banking applications provider.
- Software and IT Services – Finnova operates within this industry as a provider of banking software solutions to numerous financial institutions.
Financials
- 11% – The equity stake acquired by BCGE in Finnova Bankware.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Banque Cantonale de Genève (BCGE) | Bidding Company | Company | A Swiss cantonal bank that has invested in a technology company to enhance its service offerings. |
| Finnova Bankware | Target Company | Company | A Swiss company that provides banking application solutions to financial institutions. |
| Walder Wyss | Legal Advisor | Company | A prominent Swiss law firm that advised BCGE on the legal aspects of the transaction. |
| Alexandre Both | Partner in M&A | Person | Led the legal team at Walder Wyss providing advice on the transaction. |
| Dimension | Financial Advisor | Company | Acted as the financial advisor to BCGE for this acquisition. |