It is the start of a new era for Swiss Post. On 26 June 2013, it will be converted from a public institution into a public limited company under special law. At the same time, PostFinance will be demerged into a public limited company under private law, placed under the supervision of FINMA and granted a banking licence. The conversion is a major step forward for Swiss Post.

As a result of the change in legal status, Swiss Post will obtain the modern structures and entrepreneurial freedom it needs to carry out its varied tasks. The three subsidiaries, Post CH Ltd, PostFinance Ltd and PostBus Switzerland Ltd will now be run under the umbrella of the parent, Swiss Post Ltd. The new legal structure is in line with Swiss Post's markets. The Confederation will remain the full owner of Swiss Post Ltd - in its new role as shareholder. PostFinance Ltd will still be owned entirely by Swiss Post Ltd. The new structure will become legally effective on 26 June 2013 with the corresponding commercial register entries.

More freedom of action

Obtaining a new legal status will help Swiss Post to remain a healthy, competitive company that can continue to offer modern jobs in the future. The conversion will not change anything as far as the universal service obligation is concerned. Swiss Post will continue to provide a high quality service, making an important contribution to Switzerland's efficient, modern public service. Hence, the majority of Swiss Post customers will not experience any changes as a result of the conversion to a public limited company.

New opportunities for PostFinance Ltd

At the same time as Swiss Post's conversion to a public limited company, PostFinance will be demerged into a public limited company under private law and placed under the supervision of the Swiss Financial Market Supervisory Authority (FINMA). Supervision consistent with the banking industry will be provided to reflect the company's importance as one of Switzerland's leading financial institutions. Once it is regulated by FINMA, PostFinance will be granted a banking licence and will be able to offer products independently that it could previously only provide in cooperation with banks. However, in accordance with the Postal Organization Act, it will still not be able to issue its own loans and mortgages, but will continue to work with other banks in this area. Payments and savings will remain PostFinance's core business in the future.

PostFinance Ltd is well capitalized

PostFinance has been authorized by FINMA to carry out banking activities since 6 December 2012. The licence was initially subject to a number of conditions. The PostFinance demerger is the final step that needs to be completed for the company to be placed under banking supervision. It now meets all the organizational, financial and HR requirements of a bank. The new Board of Directors is taking on its role as the highest strategic body of PostFinance Ltd. With equity of 4.7 billion francs, PostFinance already meets the equity requirements set by Basel III - in terms of both the amount and the quality of its capital.