euro adhoc: Bank Sarasin + Cie AG
Mergers - Acquisitions - Takeovers
The
focus of Bank Sarasin is on its core business and growth strategy:
Bank Sarasin sells part of its brokerage business to NZB Neue Zürcher Bank and
takes a 20% stake in NZB Holdin
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
22.01.2007
Basel/Zurich, 22. January 2007
Bank Sarasin & Co. Ltd continues to focus on its core business as a private bank and, as a result, part of its brokerage activities is being sold to NZB Neue Zürcher Bank on 15 February, 2007. At the same time, Bank Sarasin is purchasing a 20% stake, and an option for a further 20% of the existing share capital of the Zurich domiciled NZB Holding. The transaction price is a closely guarded secret.
Under this agreement, both financial service providers are focusing more intensively on their respective core business and will benefit from the increase in efficiency as a result of synergies in the fields of Research and Trading.
The sale of the Swiss brokerage business (i.e. Sell-Side Research and the Sales business with institutional investors) will result in the loss of roughly 20 jobs at Bank Sarasin. A number of employees affected will be able to transfer to NZB, the remainder will be offered a socially acceptable package.
end of announcement euro adhoc 22.01.2007 06:56:12
Further inquiry note:
Bank Sarasin & Co. Ltd
Dr. Benedikt Gratzl, Corporate Communications, Media Relations
Telephone +41 (0)61 277 70 88 E-mail: benedikt.gratzl@sarasin.ch
www.sarasin.com
NZB Neue Zürcher Bank
Martin Eberhard, CEO
Telephone +41 (0)44 288 82 21 E-mail: martin.eberhard@nzb.ch
www.nzb.ch
Branche: Banking
ISIN: CH0002267737
WKN: 872869
Index: SPI
Börsen: SWX Swiss Exchange / regulated dealing