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
In one of the most difficult operating environments for Swiss private bankers in recent memory, Bank Sarasin today welcomed approval for J Safra Holding to buy a majority stake, while announcing it would soon cease business with some foreign clients who refused to provide it enough information regarding tax.
Safra Group, an international conglomerate with private banking interests, has agreed to buy a controlling stake in Sarasin, a mid-sized Swiss private bank. Safra has entered a share purchase agreement with Rabobank Groep, in a deal worth more than CHF1bn.