November 24th, 2016
BVI-based software services provider Luxoft Holding, Inc. has signed a three-year agreement with one of its largest customers, UBS. Luxoft will obtain the status of strategic vendor for UBS IT during all the three years; the framework will include business and technology consulting for cost efficient regulatory compliance and innovative digital transformation in the areas of trading, finance, accounting, regulatory and others. The agreement has a minimum target spend of US$300mln or US$100mln a year on average.
According to the comments of UBS CIO Michael Dargan, “Luxoft has been a trusted vendor for UBS for nearly a decade. We are confident in their deep understanding of the financial services industry and end-to-end solution implementation skills and thus Luxoft’s ability to assist us in the global transformation process.”
Luxoft and UBS have been co-operating since 2006 when the BVI holding company contributed to the complex engagements of the Bank as a Change The Business category vendor. UBS provides financial advice and solutions to wealthy, institutional and corporate clients worldwide, and private clients in Switzerland.
November 1st, 2016
Finland’s second-largest retail company Kesko Oyj announced that it will sell its loss-making grocery business in Russia to local hypermarket group Lenta, whose parent company is wholly owned by British Virgin Islands-registered Lenta Ltd. Kesko is selling the business for 156 million euros just four years after opening its first food store in Russia. The business had 11 stores in St Petersburg and surroundings, and had sales of 106 million euros and operating loss of 14 million euros last year.
Inderes Equity Research said in a note to investors that the transaction price is good taking into account the conditions. Shares in Kesko rose 9.5 per cent while Lenta shares were down 1.0 percent. The low cost Russian retailer is going to provide revised guidance on completion of the acquisition, which is expected on November 30.
October 20th, 2016
Playtech Limited, BVI-based gaming software, systems and services supplier, became the ‘Best Digital Industry Supplier’ at the Global Gaming Awards of this year, having been awarded for significant achievements over past 12 months.
The Global Gaming Awards is one of industry’s most prestigious annual events, with a panel of most respected CEOs and senior executives, recognizing the achievements of offline and digital gaming companies. The ceremony was held in Las Vegas, hosted by G2E, powered by industry publication Gambling Insider, and visited by 600 of the idustry’s most influential representatives.
Playtech received the top prize for its gaming portfolio, broad new business and pioneer Playtech ONE Omni-channel solution which has ensured record results for the company in the past 12 months.
October 14th, 2016
Atlas Mara Limited, the financial services group working in sub-Saharan region of Africa, and domiciled in the British Virgin Islands, announced that its current chairman Arnold Ekpe will resign from his post on December 1, with the end of his current three-year term. In this post he will be followed by Bob Diamond, former chief executive of Barclays, who will become an interim chairman in Atlas Mara Limited in which he has a major interest. Diamond is the co-founder and non-executive director of Atlas Mara Limited.
Rachel Robbins, senior independent director of the financial company, said in the comments on the new appointment: “It is the board’s intention that Bob will serve as chairman for a limited period while we transition to a new independent chairman,”