euro adhoc: Bank Sarasin + Cie AG
Mergers - Acquisitions - Takeovers
Crédit
Agricole Group and Bank Sarasin & Co. Ltd sign an agreement for Crédit Agricole
Luxembourg to acquire Luxembourg-based Bank Sarasin Europe S.A.
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
Company Information
16.05.2007
Paris, Basel, Luxembourg, 16 May 2007
Crédit Agricole Luxembourg, a subsidiary of Crédit Agricole Group, has signed an agreement today with Bank Sarasin & Co. Ltd, based in Basel, Switzerland, with a view to acquiring Sarasin's Luxembourg-based subsidiary, Bank Sarasin Europe S.A.
Once the acquisition goes through, subject to regulatory approval, Bank Sarasin Europe S.A. and Crédit Agricole Luxembourg are scheduled to merge by mid-2008. This gradual process will allow business to continue as usual and enable the two companies' teams to amalgamate under optimum conditions. Moreover, customers will keep their existing banking relationship officers.
Crédit Agricole Luxembourg continues to grow in line with the Crédit Agricole Group's strategy of expanding in Europe's leading private banking markets
Jean-Frédéric de Leusse, head of Group International Development at Crédit Agricole S.A., said: "By acquiring Bank Sarasin Europe S.A., the Crédit Agricole Group is strengthening its private banking business in Europe and putting Crédit Agricole Luxembourg among the top five private banks in the Grand Duchy of Luxembourg, measured by assets under management". Crédit Agricole Luxembourg will leverage its size - post-merger, it will have 15 billion euros under management - and its skill centres to offer Bank Sarasin Europe S.A. customers and employees attractive products and services, and exciting development prospects.
Looking beyond Luxembourg, the acquisition is part of the Crédit Agricole's strategy of expanding into the major private banking markets in Europe: the Group already has leadership positions in Switzerland and Monaco.
Bank Sarasin puts focus on its growth strategy
In line with its growth strategy, Bank Sarasin & Co. Ltd continues its geographical expansion into growth markets outside of Europe, especially in Asia and the Middle East. The sale of its Luxembourg subsidiary Bank Sarasin Europe S.A., with 2.4 billion Euros under management, to Crédit Agricole Luxembourg, is a further step in this direction. "We are delighted to have found in Crédit Agricole the ideal partner to carry out this transaction. Selling our private banking activities in Luxembourg will give us the financial leeway we were looking for in order to continue our geographical expansion into other target markets", said Joachim H. Straehle, CEO of Bank Sarasin & Co. Ltd.
Bank Sarasin & Co. Ltd emphasises that the deal does not affect its existing agreements with other banks. Furthermore, the Luxembourg domiciled investment fund business is not part of the transaction.
For further information:
Crédit Agricole S.A. Alain Berry - Telephone: +33 (0)1 43 23 59 44 - e-mail: alain.berry@credit-agricole-sa.fr Anne-Sophie Gentil - Telephone: +33 (0)1 43 23 37 51 - e-mail: anne-sophie.gentil@credit-agricole-sa.fr
Banque Sarasin & Co. Ltd Harald Melzer, Corporate Communications, Media Relations Telephone: +41 (0)61 277 70 48 - e-mail: harald.melzer@sarasin.ch
end of announcement euro adhoc 16.05.2007 07:15:36
Further inquiry note:
Benedikt Gratzl, Head of Corporate Communications
T.: +41(61)277 70 88
benedikt.gratzl@sarasin.ch
Branche: Banking
ISIN: CH0002267737
WKN: 872869
Index: SPI
Börsen: SWX Swiss Exchange / regulated dealing