Bern-based bank Valiant has acquired Triba Partner Bank, the company has announced.
The goal of the acquisition is to integrate all the business activities of Triba into Valiant.
The banks have been working together since 2009, with Valiant the biggest shareholder in Triba with a 30.62% stake in the Lucerne-based bank.
Triba, being a relatively small institution, faced increasing regulatory requirements, growing competition, shrinking margins and the implementation of new business models that require big investments in areas like digitisation.
The price per share offered by Valiant is CHF1,450, which implies a premium of 9% compared to the average price of Triba’s shares in recent months.
Commenting on the acquisition, Arne Fischer, chairman of the board at Triba, said:
‘Today we can make such a decision from a position of strength. The timing for this move is therefore ideal.’
The similar culture of the companies is expected to make the process of integration smoother.
Valiant's goal is to maintain the market area of Triba, which is a regional bank in the canton of Lucerne.
Jürg Bucher, chairman of Valiant's board of directors, said that the acquisition strengthens the market position of the bank in one of its core areas and is a good fit for its expansion strategy.
Earlier in January this year the bank announced its expansion into French-speaking Switzerland with a new branch being opened in Morges.