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redsafe.com to close down

30.07.2002

The redsafe.com financial portal is to cease operations in the course of the second half of 2002. The strategic partnership option pursued in the second quarter of this year did not pan out. In view of the current market environment, Swiss Life/Rentenanstalt has decided that it will no longer continue to maintain redsafe.com on its own. Fair solutions have been prepared for the employees involved. As the planned shutdown proceeds, the security of customers' funds is assured at all times.
The general economic environment deteriorated sharply in the last few months, leading to the collapse of the online financial services sector. The negative influence on revenues is making it impossible for redsafe.com to adhere to its business plan. Attempts to arrive at workable partnership arrangements were also influenced by the poor economic conditions of recent months and did not produce any satisfactory results. Swiss Life/Rentenanstalt has therefore decided to discontinue the existing activities.

In connection with the shutdown a total of around 55 positions will be eliminated in the months ahead. Support will be offered to the people affected in their search for new jobs, and an appropriate redundancy programme plan has also been put in place.

Redsafe Bank is still governed by the provisions of the banking law, as before. It has more than enough liquidity to guarantee that business relationships will be settled in an orderly manner and operations will be brought to a close smoothly.

redsafe.com started operations last December and has acquired some 3,200 customer accounts. Its development costs amounted to CHF 75 million.
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