Bank J. Safra Sarasin AG

euro adhoc: Bank Sarasin + Cie AG
Annual results 2003 of Bank Sarasin & Co. Ltd (E)

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2003 closes with solid group profit Acquisition of Chiswell Associates Limited

Bank Sarasin & Co. Ltd posted a group profit of CHF 70 million in 2003, a significant improvement on the previous year's net loss of CHF 316 million, which was attributable to a number of exceptional factors. Operating results also improved markedly, doubling to CHF 64 million. The Board of Directors will propose an increase in the dividend from CHF 25 to CHF 50 per class B registered share to the General Meeting of Shareholders on 26 April 2004. Successful cost management enabled a 6% reduction in operating expenses. Total assets under management grew by CHF 2.2 billion (+4.7%) year on year, to stand at CHF 48.6 billion. Sarasin has entered into an agreement to acquire the asset management company Chiswell Associates Limited. This acquisition makes Sarasin a market leader in asset management for charities in the UK. At end-2003, the assets under Chiswell's management were equivalent to some CHF 4 billion. The purchase price was GBP 20.9 million.

Please find further information on our homepage

end of announcement            euro adhoc 09.03.2004

Further inquiry note: Dr. Benedikt Gratzl Head Corporate Communications T.: +49(61)277 70 88

Branche: Banking
ISIN:      CH0002267737
WKN:        872869
Index:    SPI
Börsen:  SWX Swiss Exchange / regulated dealing

Weitere Meldungen: Bank J. Safra Sarasin AG

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