25.11.2011 – 20:48

Bank J. Safra Sarasin AG

EANS-Adhoc: Bank Sarasin + Cie AG
Safra Group to acquire majority interest in highly regarded Bank Sarasin

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25.11.2011

Media release
Basel/Geneva/Utrecht, 25 November 2011

Safra Group to acquire majority interest in highly regarded Bank Sarasin

Sarasin and the Safra Group are highly similar in their successful histories in
international Private Banking, with well-capitalized financial foundations,
shared emphasis on strong organizations, preservation of clients capital and
continuity of client relationships - the Safra Group will reinforce Sarasin´s
established position as an independent Swiss private bank and strengthen its
strategy and business model under its well-recognized brand

  
Safra Group and Rabobank have entered into a share purchase agreement under
which Safra will acquire a majority shareholding in Bank Sarasin & Co. Ltd
(46.07% equity interest and 68.63% voting rights) at a price of CHF 7.20 per A
registered share and CHF 36.00 per B registered share, to be paid in cash. Bank
Sarasin´s Board of Directors and Executive Committee welcomed Safra´s
acquisition of the majority shareholding. As of June 2011, Safra Group had
aggregate stockholder equity of approximately USD 12.2 billion and total assets
under management of USD 109 billion. 

For Sarasin, Safra will be a strongly capitalized majority shareholder that will
be able to reinforce Sarasin´s established position as an independent Swiss
private bank and effectively support and strengthen Sarasin´s strategy and
business model under the existing well-recognized brand and management team. The
transaction is subject to approval and clearance by the competent authorities in
Switzerland and abroad. In accordance with Swiss law, the closing of the
transaction will give rise to a duty to make a mandatory public offer to
minority shareholders. 

Safra supports Bank Sarasin´s future-oriented positioning as an independent
leader in private banking
With its clear positioning as a sustainable Swiss private bank, and its
commitment to the continued rigorous implementation of a strategy focusing on
tax-compliant client assets, Bank Sarasin has become a highly-regarded leader in
the reorientation of Switzerland´s financial industry. In recent years Bank
Sarasin has been able to establish a distinctive position for itself in the
international private banking market. As Sarasin´s majority shareholder, Safra
is committed to move forward the success that both banking groups have enjoyed
for more than 150 years.

Safra to provide continuity, solidity and long-term added value
Sarasin and Safra complement one another strategically in terms of their
geographic markets. Both are also highly regarded for their reputation in
private banking worldwide, as well as their sustainable and conservative
approach to their client´s assets. Bank Sarasin´s partnership with Safra will
achieve enhanced value for the Bank and its clients, providing Sarasin with
additional distribution channels for its products as well as access to new
growth markets. Sarasin has significant private banking presences in key
European markets, the Middle East and Asia. Safra has a strong presence
particularly in the Americas and Europe. 

Joseph Safra stated, "It is a privilege to make this investment in Sarasin,
reflecting Safra´s commitment to, and confidence in, the strength, reputation
and quality of Sarasin´s banking business, its people, clients and future
business potential. The origins of Sarasin and Safra are very similar. Each is
characterized by a successful banking history that dates back to the mid
nineteenth century. Each embraces and follows philosophies and strategies to
private banking that are very much the same. We both place premiums on having
our banks extremely well capitalized; adhering to sound banking principles; and
attracting, cultivating, and maintaining high quality motivated people for their
organizations. We share the stability in our respective client bases and a
commitment to the preservation of our clients´ capital. I have the highest
regard for Sarasin´s management and look forward to this relationship being a
fruitful one for Sarasin, its people, its clients and for Safra."

Bank Sarasin´s successful strategy and business model to be continued seamlessly
With Safra as its majority shareholder, Bank Sarasin under its existing
well-recognized brand and management team will be able to continue its strategy
and business model. With Sarasin, Safra will strengthen its competence centre
for private banking in Switzerland and Europe, and will add Middle East and
Asia. At present, Safra intends to keep Bank Sarasin listed after closing of the
acquisition of the majority shareholding and will thus allow existing
shareholders to continue to participate in the Sarasin growth story. 

Bank Sarasin thanks Rabobank
When making its decision, Rabobank wanted to ensure that Bank Sarasin could
sustainably maintain its strategic direction and continue its commercial
success. Rabobank believes that in Safra it has found an ideal well capitalized,
conservative and attractive long-term solution for Bank Sarasin. The sale of its
stake in Bank Sarasin will allow Rabobank to concentrate on its strategic
priorities and further strengthen its leading role as a universal financial
services provider in the Netherlands, as well as pressing ahead with the growth
of its international business with food and agribusiness customers.

Over the last nine years, Rabobank has enabled Bank Sarasin to refocus itself,
and lay the foundations for today´s successful international business. The Board
of Directors and management of Bank Sarasin would like to thank the Board of
Directors of Rabobank and all the other Rabobank employees who have contributed
to Bank Sarasin´s development over the years.


Rabobank views transaction as highly successful for all parties
Sipko Schat, member Executive Board Rabobank Group, stated: "Safra's acquisition
of Rabobank's shares in Sarasin benefits all three parties.  Our successful
monetization of our stake demonstrates the enhanced value of Sarasin that has
been created and its attractive long-term potential. We are most pleased that
Sarasin will be able to further realize this potential with Safra as its major
shareholder. It was very important for Rabobank to find a private banking
partner for Sarasin with a strong financial foundation and positive reputation.
Rabobank highly respects Safra´s presence in the global private banking
community and its culture of stable management and emphasis on preservation of
client capital fit extremely well with Sarasin's banking philosophy."

For further information:

For Safra Group:
Kekst and Company
Robert Siegfried, (+1) 917-842-1126
Mark Semer, (+1) 917-439-3507
Jeremy Fielding, (+1) 646-644-4825

For Bank Sarasin:
Benedikt Gratzl  |  Head of Corporate Communications, Media Relations
T: +41 (0)61 277 70 88  |  e-mail:  benedikt.gratzl@sarasin.ch 
Franziska Gumpfer-Keller  |  Deputy Head of Corporate Communications, Media
Relations
T: +41 (0)44 213 97 35  |  e-mail:  franziska.gumpfer@sarasin.ch

For Rabobank:
Franscé Verdeuzeldonk, T: +31 (0) 40 217 0374
e-mail:  f.e.j.m.verdeuzeldonk@rn.rabobank.nl


Safra Group
The Safra Group is a highly regarded name in global private banking with a
successful 200-year 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 June 2011, the Safra
Group had aggregate stockholder equity of approximately USD 12.2 billion and
total assets under management of USD 109 billion. The Safra banks are in 125
locations worldwide, and have over 6,500 employees. 

Bank Sarasin & Co. Ltd - 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. By end of June 2011 it managed total client assets of CHF 101.6 billion
and employed around 1,600 staff. Bank Sarasin & Co. Ltd is listed on the SIX
Swiss Exchange.

Rabobank Group
Rabobank Group is an international financial services provider operating on the
basis of cooperative principles. It offers banking, asset management, leasing,
insurance and real estate services. Focus is on broad financial services
provision in the Netherlands and primarily on the food and agribusiness
internationally. Rabobank Group is comprised of 141 independent local Rabobanks
plus Rabobank Nederland, their umbrella organization, and a number of specialist
subsidiaries. Overall, Rabobank Group has approximately 59.000 employees (in
FTEs), who serve about 10 million customers in 48 countries. In terms of tier 1
capital, Rabobank Group is among the world´s 25 largest financial institutions.
All rating agencies have awarded Rabobank the highest rating possible for banks.


Further inquiry note:
Dr. Benedikt Gratzl
Head Corporate Communications
T.: +41(61) 277 70 88 
Benedikt.Gratzl@sarasin.ch

end of announcement                               euro adhoc 
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issuer:      Bank Sarasin + Cie AG
             Elisabethenstr.  62
             CH-4002 Basel
phone:       +41(61)277 77 77
FAX:         +41(61) 272 02 05
mail:         info@sarasin.ch
WWW:         http://www.sarasin.ch
sector:      Banking
ISIN:        CH0038389307
indexes:     SPIEX, SPI ex SLI
stockmarkets: official dealing/general standard: SIX Swiss Exchange 
language:   English