Acquisition, holding, management and disposal of participations in companies in Switzerland and abroad. The company may provide financing for its own account or for the account of third parties, grant guarantees and sureties for subsidiaries and third parties, establish branches and subsidiaries in Switzerland and abroad, acquire, encumber, sell and manage licenses, patents and other intangible assets as well as real estate in Switzerland and abroad, and grant loans and take up credits to the extent that no special legal authorization is required.