Archive for November, 2016

BVI Holding signed 3-year contract with UBS

Thursday, 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.

Finnish group sold Russian retail business to BVI-owned company

Tuesday, 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.