Safra Group’s acquisition of majority stake in Bank Sarasin approved
All the necessary approvals from supervisory authorities have now been obtained, clearing the way for the Safra Group to acquire the majority shareholding in Bank Sarasin & Co. Ltd previously held by Rabobank. The closing of the transaction is expected for 31 July 2012
Jacob J. Safra, Vice-Chairman of J. Safra Holding AG, said: “We are delighted that all the necessary approvals have now been obtained. This clears the way for the closing of the transaction.
“We have confidence in the management team led by Joachim Straehle and the long-term potential of Sarasin’s business strategy, and we appreciate the value of the Sarasin brand. Its strong business relationships with clients are very much in tune with Safra’s own tradition and success in banking.”
Joachim H. Straehle, chief executive of Bank Sarasin & Co. Ltd, said: “Sarasin will stay the same. Our clients and employees can count on that in the future as well. The new composition of our shareholder structure strengthens our position as an independent Swiss private bank.
He added: “Safra not only creates stability but allows us to continue to pursue our growth strategy, which is based on a long-term business model.”