SIX rumoured to be examining spin-off, sale options for payment services division - report (translated)
22 SEP 2017
SIX, the Swiss financial services company and operator of the Swiss SIX stock exchange, is rumoured to be examining options for its payment services division, Neue Zuercher Zeitung reported.
The Swiss daily said a newswire report yesterday cited financial sources that said JP Morgan is aiding SIX in examining a spin-off or sale of the business which could reap up to CHF 2bn (USD 2.06bn).
SIX declined to comment, the report stated.
The payment services division contributes around half of SIX's turnover and is the largest of the four divisions, the report noted.
Swiss daily Aargauer Zeitung also reported the situation. Without naming its source the report said JP Morgan assessing the business and is in London looking for possible co-operation or joint venture partners. An insider said the division would not be sold to a non-Swiss company.
A sale or float is not the board's first choice, and SIX could even acquire a competitor, the report added.