The company is keen to find a buyer as it is struggling to get out of financial trouble with “fires buring on too many fronts”, Swiss web publication Finews.ch has reported citing a number of sources based in Zurich and London.
A person familiar with the talks told Finews.ch Avaloq founder and head, Francisco Fernandez, had “overextended existing capacity”.
Avaloq has more to worry about than financial woes as it has also lost IT projects in recent months with French bank Oddo & Cie most recently pulling away from a deal.
At the end of last year, the strapped-for-cash fintech company was forced to look for financial backing and sold 10 per cent of its treasury shares to Raiffeisen Bank.
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