In accordance with the Law on Banque Cantonale du Valais, the Bank’s share capital is divided into registered and/or bearer shares. The Canton of Valais owns a stake entitling it to at least 51% of the number of shares and voting rights.

BCVs’ share capital totals 150 million Swiss francs, comprising:

• registered shares of 110 million Swiss francs;
• bearer shares of 40 million Swiss francs.

Banque Cantonale du Valais’ shares are listed on the Swiss Exchange (SIX).

BCVs’ share capital totals 150 million Swiss francs. It has no authorised or conditional share capital. There has been no change to the Bank’s share capital over the past three years. The justification of its equity capital is outlined in Note 3.11 to the Bank’s annual financial statements for 2012.