Four years after its launch, the financial app Yuh is to be fully owned by the online bank Swissquote. Postfinance is selling its 50 percent stake in the joint venture to the previous partner for CHF 90 million.
The timing for this step was ideal for all parties involved, the Swiss Post subsidiary announced on Friday. With just one owner, Yuh can be developed more efficiently and in a more targeted manner in future. Postfinance wants to concentrate more on expanding its strategically central business areas.
"Four years ago, neobanks were still exotic. A joint development was an obvious choice," said Swissquote CEO Marc Bürki in retrospect in an interview with the news agency AWP.
In the meantime, however, "everything in banking has merged somewhat". It would be easier if Yuh only had one owner. The deal therefore "came about naturally."