December 21, 2017 / 6:29 AM / 3 months ago

Swiss National Bank buys majority stake in bank note materials maker

ZURICH, Dec 21 (Reuters) - The Swiss National Bank said it was buying a majority stake in a maker of materials for banknotes and passports - to safeguard production and prevent its new bank notes running out.

The central bank said it was acquiring a 90 percent stake in Landqart AG after the company - which makes substrates used in the new 10 franc note - got into financial difficulties.

“The SNB has decided to acquire the company because, otherwise, issuance of the new Swiss banknote series would not have been guaranteed across the entire production stream,” the SNB said. ($1 = 0.9861 Swiss francs) (Reporting by John Revill; editing by Brenna Hughes Neghaiwi)

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