April 28, 2020 / 2:49 PM / in 3 months

ZKB sells BVG administration business of Swisscanto Vorsorge to PFS Pension Fund

ZURICH, April 28 (Reuters) - Zuercher Kantonalbank is selling the BVG administration business of Swisscanto Vorsorge AG (SVAG) to PFS Pension Fund Services AG, the Swiss cantonal bank said on Tuesday, giving no financial terms for the deal set to wrap up by the end of June.

ZKB is also taking a 20% stake in PFS, which manages pension funds, the bank said in a statement.

Combining the BVG administration business of SVAG and PFS generates economies of scale by creating an entity with 60 pension fund clients serving more than 65,000 beneficiaries and with pension assets of 15 billion Swiss francs ($15.4 billion), the statement said.

$1 = 0.9734 Swiss francs Reporting by Michael Shields; editing by Emelia Sithole-Matarise

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