Final approval for Safra Group's acquisition of the majority stake in Bank Sarasin - Closing expected for 31 July 2012

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BASEL, Switzerland, July 30, 2012 /PRNewswire/ -- 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, comments: "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, CEO of Bank Sarasin & Co. Ltd, adds: "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. Safra not only creates stability but allows us to continue to pursue our growth strategy, which is based on a long-term business model."

For Safra Group:
Kekst and Company
Robert Siegfried, (+1) 212-521-4832 / (+1) 917-842-1126  |  e-mail: [email protected]
Jeremy Fielding, (+1) 212-521-4858 / (+1) 646-644-4825  |  e-mail: [email protected]
Mark Semer, (+1) 212-521-4802 / (+1) 917-439-3507  |  e-mail: [email protected]

For Bank Sarasin:
Benedikt Gratzl  |  Media Relations
T: +41 (0)61 277 70 88  |  E-Mail: [email protected]
Franziska Gumpfer-Keller  |  Media Relations
T: +41 (0)44 213 97 35  |  E-Mail: [email protected]

Safra Group
The Safra Group is a highly regarded name in global private banking with a successful long standing history. Safra banks include Banco Safra, Banque J. Safra (Suisse), Banque J. Safra (Monaco), Banque Safra Luxembourg, Bank J. Safra (Gibraltar), Safra National Bank of New York and Safra International Bank and Trust, all built on strong financial foundations. As of December 2011, the Safra Group had aggregate stockholder equity of approximately USD 12 billion and total assets under management of USD 101 billion. The Safra banks are in 125 locations worldwide, and have over 6,300 employees.

Sarasin – Sustainable Swiss Private Banking since 1841. – www.sarasin.com
The Sarasin Group has its roots as a leading Swiss private bank. As an international financial service provider committed to sustainability, the Group is now represented in more than 20 locations in Europe, the Middle East, and Asia. At the end of June 2012 it managed total client assets of CHF 99.1 billion and employed around 1,700 staff. Bank Sarasin & Co. Ltd is listed on the SIX Swiss Exchange.

SOURCE Safra Group