Press Release

Swiss Post ready to become a public limited company

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The Federal Council today passed its decisions on the conversion of Swiss Post and PostFinance into public limited companies on 26 June 2013. The new legal status of the two companies is a consequence of the revised postal legislation adopted by the Swiss Parliament in 2010. As a result of the conversion, Swiss Post will obtain the modern structures it needs to carry out its varied tasks. Swiss Post Ltd will still be owned entirely by the Confederation, and PostFinance Ltd by Swiss Post Ltd.

With today’s decisions, the Federal Council has finally given the go-ahead for the conversion of Swiss Post into a public limited company under special law and the demerger of PostFinance into a public limited company under private law. The Federal Council has also approved the opening balance sheet of Swiss Post Ltd. Today’s decision by the Federal Council fulfils an important condition that needed to be met before the future PostFinance Ltd could be granted a banking licence and placed under the supervision of FINMA. The date of the conversion had already been scheduled for 26 June 2013 by a previous Federal Council decision. The conversion and demerger will be officially completed on 26 June 2013 with the corresponding commercial register entries.

Decision welcomed by Swiss Post

Swiss Post welcomes today’s Federal Council decision. As a result of this important step, Swiss Post will obtain the modern structures it needs to carry out its varied tasks. However, Swiss Post will also have new responsibilities as a public limited company, such as tax liability to the Confederation, cantons and municipalities. Following the conversion, Swiss Post staff will be employed under private law. Nothing will change for Swiss Post employees. All existing employment contracts will continue as before. However, under the new postal legislation, Swiss Post is obliged to negotiate a new Collective Employment Contract (CEC) with the trade unions. Negotiations will start in mid-August 2013. A new collective employment contract is likely to be ready in 2015.

Swiss Post is prepared

Swiss Post’s new organizational setup is a result of the new postal legislation adopted by the Swiss Parliament at the end of 2010. Since then, Swiss Post has been working alongside its owner to prepare the necessary ground for today’s decision by the Federal Council. Swiss Post has in particular been preparing its future legal structure: from 26 June 2013, the three subsidiaries Post CH Ltd, PostFinance Ltd and PostBus Switzerland Ltd will be run under the umbrella of the parent, Swiss Post Ltd. As a result, Swiss Post's various legal entities need to be provided with sufficient capital. PostFinance Ltd in particular needs to be funded with sufficient equity. Group liquidity has therefore been increased further. At the same time, long-term loans of 1.3 billion francs have been taken out on the capital market from institutional investors and companies. The Group as a whole now has sufficient funds to provide the new legal entities with the necessary capital.

Confederation to remain Swiss Post's owner

The Confederation will remain the full owner of Swiss Post Ltd - in its new role as shareholder after the conversion. PostFinance Ltd will still belong entirely to Swiss Post Ltd.

Information: Media Unit +41 (0)58 338 13 07