Sale of Swisscanto to Zürcher Kantonalbank

On 10 December 2014, Zürcher Kantonalbank reached an agreement with the other 23 Swiss Cantonal Banks to acquire all their shares in Swisscanto Group (“Swisscanto”).  Swisscanto is one of Switzerland’s leading investment fund providers, asset managers and occupational and private pension service providers. It also runs the largest investment foundation for pension funds in Switzerland. The transaction is subject to customary regulatory approvals.