Arbitration decision relating to Vontobel and Raiffeisen without material impact on Leonteq
Leonteq AG (SIX: LEON), the Zurich-based independent technology and service provider for investment solutions, takes note of this morning's arbitration decision relating to proceedings between Vontobel and Raiffeisen Switzerland and confirms that it has no material impact on Leonteq's business.
After the announcement of the key elements of the arbitration decision relating to proceedings between Vontobel and Raiffeisen Switzerland this morning, Leonteq takes note that the issuance of structured investment products by Notenstein Private Bank – a subsidiary of Raiffeisen – can be further pursued on the Leonteq platform. The distribution of these products outside of the Raiffeisen channel is similarly unaffected by the decision.
Only the distribution of structured investment products by Notenstein Private Bank to Raiffeisen banks is subject to a restriction until the cooperation agreement between Vontobel and Raiffeisen expires in June 2017. This business represented less than approximately 1% of Leonteq’s total operating income in 2014. The distribution of Leonteq structured investment products to Raiffeisen banks, as well as the distribution of Notenstein products to its own Notenstein clients are not affected by the decision.
Leonteq appreciates that clarity has been established on this matter. The company was not a party to the arbitration proceedings.