Swiss Post confirmed yesterday that it is changing into a public limited company during the second quarter of 2013, although it will remain wholly owned by the Swiss Confederation. The change, under revised national postal legislation, will see it no longer run as a public institution, it said, but instead a “more modern” PLC.
The new form of the company will have three subsidiaries – Post CH Ltd, PostFinance Ltd and PostBus Ltd – operating under Swiss Post Ltd.
The changes will not affect Swiss Post’s branding, it said.
Swiss Post said the Swiss Federal Council is aware of the company’s plans, and has also been informed of the proposed equity planning of the group, which involves taking out a long-term loan on the capital market.
In a statement, Swiss Post said: “As a public limited company, Swiss Post gains entrepreneurial freedom and increases its competitiveness. This significantly contributes to being able to continue to provide basic services in an economically viable and customer-oriented manner and remain a significant, socially responsible employer.”
When the changes are complete, Swiss Post’s status as a public limited company will apply retroactively back to 1st January, 2013.
Swiss Post said the necessary formal and structural adaptations for the changeover have already been prepared, but the process will have to be approved by the Federal Council through several decrees.
Subsidiaries
Swiss Post said its current group units – PostMail, PostLogistics, Post Offices & Sales, Swiss Post Solutions, as well as the management and service divisions – will become Post CH Ltd.
Together with PostBus Ltd, they will continue to be administered by Executive Management and supervised by the Board of Directors.
PostFinance will be separated into an independent public limited company in order to satisfy the requirements of the Financial Market Supervisory Authority (FINMA). In the future, PostFinance will also be administered by its own management, which will independently report to its own Board of Directors. PostFinance will receive a banking licence at the time of the changeover.
Swiss Post said FINMA’s audit procedure for future supervision of PostFinance in accordance with the banking law is still in progress.
“For this reason, the sufficient capitalisation of all future legal entities must be ensured. Swiss Post possesses enough of its own funds to equip these with the necessary equity. In order to have the required liquidity to exercise subscription rights to PostFinance Ltd, Swiss Post will take out a long-term loan of around CHF 1.3 billion on the capital market from private and institutional investors,” the company said.