Bank J. Safra Sarasin AG

EANS-Adhoc: Bank Sarasin + Co. Ltd
Merger between Bank Sarasin and Bank J. Safra (Switzerland) to form Bank J. Safra Sarasin, a unique international provider of financial services, with strong capitalization, sound management, and commitment to ...

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Mergers - Acquisitions - Takeovers

J. Safra Sarasin Holding Ltd, Bank Sarasin & Co. Ltd and Bank J. Safra
(Switzerland) Ltd today announced that their respective Boards of Directors have
approved the merger of the two banks, and that Bank J. Safra Sarasin Ltd will be
the new name of the merged bank. The head office of Bank J. Safra Sarasin will
be in Basel, and Joachim H. Straehle, Chief Executive Officer of Bank Sarasin,
will remain the Chief Executive Officer of the merged bank. Bank J. Safra
Sarasin will continue to follow Bank Sarasin's existing business strategy, and
position itself as a sustainable international provider of financial services.

J. Safra Sarasin Group is represented worldwide in 30 locations in Europe, Asia,
the Middle East and Latin America, managing clients' assets of approximately CHF
130 billion and employing around 2,140 people. The BIS Tier 1 ratio of J. Safra
Sarasin Holding is currently over 20%. 

The merger of the two banking organizations is being undertaken seamlessly to
assure the consistency in the relationships which both Safra and Sarasin
maintain with their clients. Bank J. Safra Sarasin will move forward as a
strongly capitalized bank in international wealth management, highly focused on
its clients, quality of service, innovation skills, solidity and stability.

Bank J. Safra Sarasin will enable both Safra and Sarasin to capitalize on their
respective brand strengths, and the merger underscores the complimentary
attributes of Safra and Sarasin with respect to clients, global private banking,
operations, and corporate governance. Sarasin and Safra have enjoyed similar
success in international private banking, having both built up very solid
capital bases, established modern corporate structures and a shared focus on
protecting and preserving client wealth, while at the same time assuring
continuity in client relationships.

Jacob J. Safra, Vice-Chairman of J. Safra Sarasin Holding and Member of the
Board of Directors of Bank Sarasin, said: "We are very confident in the
strengths of the combined Bank J. Safra Sarasin and its capabilities to serve
its clients and to grow its business conservatively. We have in place a highly
experienced and committed private banking management team which knows how to
build upon the strengths of Bank J. Safra Sarasin for the benefit of clients and
the long-term potential of the organization."

Joachim H. Straehle, Chief Executive Officer, stated: "I am delighted that the
Safra family has made possible this extremely promising strategic move. As a
financially strong and sustainable Swiss private bank, Bank J. Safra Sarasin is
well positioned to be a prominent player in both the Swiss financial centre and
also in all global markets, consistent with the needs of our clients. As a
family-owned business, the Bank's stability and long-term approach are key
attributes that help create a very solid foundation of trust for our clients."

Mr. Joseph Safra will be the Chairman of J. Safra Sarasin Group. The members of
the Board of Directors of Bank J. Safra Sarasin will be: Pierre-Alain Bracher,
Hans-Rudolf Hufschmid, Jacob J. Safra, Sipko N. Schat, Philippe Dupont, Dagmar
G. Woehrl and Sergio A. Penchas. The Bank's new Executive Committee will
comprise CEO Joachim H. Straehle, Marcelo Szerman, Burkhard P. Varnholt, Eric G.
Sarasin, Enid Yip, Elie Sassoon, Edmond Michaan, Thomas A. Mueller and Daniel
Belfer. Current members of Bank Sarasin's Executive Committee Fidelis M. Goetz
and Peter Sami are stepping down. Bank Sarasin's Board of Directors would like
to thank them for their loyal service on behalf of the company over the years.

The merger will be implemented once the squeeze-out proceedings currently being
carried out have been completed, which is expected to take place in the second
quarter of 2013, and is subject to final approval by the competent authorities. 

In order to provide a shared brand for the markets under which the J. Safra
Sarasin Group operates, Banque Safra-Luxembourg, Banque J. Safra (Monaco) S.A.,
Bank J. Safra (Gibraltar) Ltd., Safra International Bank and Trust Ltd. and Bank
Sarasin AG will change their names following approval by the relevant
authorities. They will become Banque J. Safra Sarasin (Luxembourg), Banque J.
Safra Sarasin (Monaco) S.A., Bank J. Safra Sarasin (Gibraltar) Ltd., Bank J.
Safra Sarasin (Bahamas) Ltd. and Bank J. Safra Sarasin (Germany) AG,

Safra Group
The Safra Group is a highly regarded name in global private banking with a
successful long standing history. Safra banks include J. Safra Sarasin Holding
and subsidiaries, Banco Safra and Safra National Bank of New York, all built on
strong financial foundations. As of December 2012, the Safra Group had aggregate
stockholder equity of approximately USD 12.9 billion and total assets under
management of USD 200 billion. The Safra banks are in 156 locations worldwide,
and have over 7,700 employees.

J. Safra Sarasin Group - Sustainable Swiss Private Banking since 1841.
As an international group committed to sustainability and well established
through its banks in 30 locations in Europe, Asia, the Middle East and Latin
America, J. Safra Sarasin Group is a global symbol of private banking tradition,
emphasizing security and well-managed conservative growth for clients. At the
end of December 2012 it managed total client assets of approximately CHF 130
billion and employed around 2,140 staff, with stockholder equity of approximate
CHF 3.4 billion.

Further inquiry note:
Benedikt Gratzl
Media Relations
T: +41(0)61 277 70 88

Franziska Gumpfer-Keller
Media Relations
T: +41 (0)44 213 97 35

end of announcement                               euro adhoc 

issuer:      Bank Sarasin + Cie AG
             Elisabethenstrasse 62
             CH-4002 Basel
phone:       +41 (61) 277 77 77
FAX:         +41 (61) 272 02 05
sector:      Banking
ISIN:        CH0038389307
indexes:     SPIEX, SPI ex SLI
stockmarkets: official dealing/general standard: SIX Swiss Exchange 
language:   English

Weitere Meldungen: Bank J. Safra Sarasin AG

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