euro adhoc: Bank Sarasin + Cie AG
Joint Ventures/Cooperation/Collaboration /
Bank Sarasin and AIG Private Bank set up a new bank catering to affluent clients
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
Plant Openings
09.07.2007
Basel/Zurich, 9 July 2007 - The Swiss financial services industry is about to welcome a newcomer: a bank dedicated to providing clients with investment and savings solutions. Bank Sarasin & Co. Ltd and AIG Private Bank Ltd. plan to combine their direct business with affluent clients and their business with independent financial providers - but not with the external asset managers - to form a new bank. This new financial institution will initially have over 235,000 clients in Switzerland, Germany and Austria and will manage assets of approximately CHF 8 billion. The bank is due to start business by the end of 2008 at the latest, once the relevant approvals have been obtained from the Swiss Federal Banking Commission (SFBC). Last weekend Bank Sarasin and AIG Private Bank signed a letter of intent for the new collective banking venture. Bank Sarasin will own a 57.5% stake in the new bank, and AIG Private Bank 42.5%. The name and location of the new bank are still to be decided. Splitting off the business with affluent clients with assets of up to CHF 500,000 will allow Bank Sarasin and AIG Private Bank to concentrate on their core business. "We are very excited about the prospect of working with our partner AIG Private Bank to build up a bank dedicated to providing investment and savings solutions", says Joachim H. Straehle, CEO of Bank Sarasin. "At the same time, this transaction offers clear benefits in the form of additional assets under management growth and greater cost efficiency." Joachim Straehle and Eduardo Leemann, Chairman of AIG Private Bank, will both sit on the supervisory board of the new bank. Eduardo Leemann comments on the plans for the new bank: "The affluent client businesses that both companies will be contributing to the new venture complement each other perfectly. The new bank will benefit from Bank Sarasin´s strong positioning in Switzerland and Austria and from our highly developed network in Germany." Market leader with over 235,000 clients and CHF 8 billion assets under management With over 235,000 clients based mainly in Switzerland, Germany and Austria, the new bank will manage assets of approximately CHF 8 billion. In its first year of business, the new bank is expected to earn gross income of around CHF 100 million. Marco Weber (Bank Sarasin) will be CEO of the new bank, and Niklaus Siegrist (AIG Private Bank) his deputy. The new bank will start off with around 100 employees recruited from the relevant business units in both banks. No redundancies are expected, in view of the excellent growth prospects. Clear growth targets The new company not only plans to grow its business in Switzerland and neighbouring Europe, but also wants to expand into eastern Europe especially. Bank Sarasin and AIG Private Bank anticipate around 4,000 new accounts will be opened every month. "The new bank will foster and extend the excellent relationships that Bank Sarasin and AIG Private Bank have already built with independent financial service providers. We are confident that we will become an even better and more attractive partner for them", says Marco Weber, CEO Designate of the new bank. To fully exploit the synergy potential and available know-how, the existing systems and services of Bank Sarasin and AIG Private Bank will be used in the areas of Trading, Operations and IT. This will also help to keep down the operating costs for the new bank.
For more information please contact Bank Sarasin & Co. Ltd: Benedikt Gratzl, Head Corporate Communications Telephone +41 (0)61 277 70 88 E-Mail: benedikt.gratzl@sarasin.ch AIG Private Bank Ltd.: Roger M. Fuchs, Head Marketing & Communications Telephone +41 (0) 44 227 57 42 E-Mail: roger.fuchs@aigpb.com
Important information:
Full details of the new venture will be presented at a Media and Analysts Conference. This conference will be held on 9 July 2007 at 10:15 a.m. in the Hotel Hyatt, Beethoven-Strasse 21, CH 8002 Zurich.
Please note the respective invitation.
end of announcement euro adhoc 09.07.2007 06:35:28
Further inquiry note:
Dr. Benedikt Gratzl
Head 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