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Negotiations on Banca del Gottardo abandoned due to differing price expectations

17.02.2004

Swiss Life and the consortium including UniCredito Italiano, swissfirst Bank AG and private investors have abandoned their exclusive negotiations on the sale of Banca del Gottardo. The two parties were too far apart on price to reach agreement.

Speaking about the outcome of the negotiations, Rolf Dörig, Chief Executive Officer, said: "Our valuation of CHF 1.5 billion for Banca del Gottardo is realistic; a fact that is confirmed by the bank's good result for 2003, with a profit of CHF 85 million. Due to the bank's good performance, we are confident that we can extract this value by different means, and thus find a better solution for our shareholders."

Swiss Life will review the situation regarding Banca del Gottardo in the coming weeks. Swiss Life intends to find a forward-looking solution quickly, in order that Banca del Gottardo customers and staff, as well as Swiss Life shareholders, can be clear about the bank's future. Swiss Life will provide information about the next steps concerning Banca del Gottardo on 30 March 2004 at the presentation of its results for the financial year 2003.
Swiss Life: Swiss Life is a leading provider of life insurance and long-term savings and protection. Swiss Life offers individuals and companies comprehensive advice and a broad range of products via agents, brokers and banks in its domestic market, Switzerland, where it is market leader, and selected European markets. Multinational companies are serviced with tailor-made solutions by a network of partners in over 40 countries. Swiss Life Holding, registered in Zurich, was founded in 1857 as the Swiss Life Insurance and Pension Company. Shares of Swiss Life Holding are listed on the SWX Swiss Exchange (SLHN). The enterprise employs around 11 000 people worldwide.
Cautionary statement regarding forward-looking information
This publication contains specific forward-looking statements, e.g. statements including terms like “believe”, “assume”, “expect” or similar expressions. Such forward-looking statements are subject to known and unknown risks, uncertain-ties and other factors which may result in a substantial divergence between the actual results, financial situation, development or performance of the company and those explicitly or implicitly presumed in these statements. Against the background of these uncertainties readers should not place undue reliance on forward-looking statements. The company assumes no responsibility to update forward-looking statements or to adapt them to future events or developments.
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