Disclosure announcement transmitted by euro adhoc. The issuer is responsible
  for the content of this announcement.

22.01.2007

Basel/Zurich, 22. January 2007

Bank Sarasin & Co. Ltd continues to focus on its core business as a
private bank and, as a result, part of its brokerage activities is
being sold to NZB Neue Zürcher Bank on 15 February, 2007. At the same
time, Bank Sarasin is purchasing a 20% stake, and an option for a
further 20% of the existing share capital of the Zurich domiciled NZB
Holding. The transaction price is a closely guarded secret.

Under this agreement, both financial service providers are focusing
more intensively on their respective core business and will benefit
from the increase in efficiency as a result of synergies in the
fields of Research and Trading.

The sale of the Swiss brokerage business (i.e. Sell-Side Research and
the Sales business with institutional investors) will result in the
loss of roughly 20 jobs at Bank Sarasin. A number of employees
affected will be able to transfer to NZB, the remainder will be
offered a socially acceptable package.

end of announcement                               euro adhoc 22.01.2007 06:56:12

Further inquiry note:

Bank Sarasin & Co. Ltd
Dr. Benedikt Gratzl, Corporate Communications, Media Relations
Telephone +41 (0)61 277 70 88 E-mail: benedikt.gratzl@sarasin.ch
www.sarasin.com

NZB Neue Zürcher Bank
Martin Eberhard, CEO
Telephone +41 (0)44 288 82 21 E-mail: martin.eberhard@nzb.ch
www.nzb.ch

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