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Abonner Bank J. Safra Sarasin AG

Bank J. Safra Sarasin AG

euro adhoc: Bank Sarasin + Cie AG
Mergers - Acquisitions - Takeovers
Crédit Agricole Group and Bank Sarasin & Co. Ltd sign an agreement for Crédit Agricole Luxembourg to acquire Luxembourg-based Bank Sarasin Europe S.A.

  Disclosure announcement transmitted by euro adhoc. The issuer is responsible
  for the content of this announcement.
Company Information
16.05.2007
Paris, Basel, Luxembourg, 16 May 2007
Crédit Agricole Luxembourg, a subsidiary of Crédit Agricole Group, 
has signed an agreement today with Bank Sarasin & Co. Ltd, based in 
Basel, Switzerland, with a view to acquiring Sarasin's 
Luxembourg-based subsidiary, Bank Sarasin Europe S.A.
Once the acquisition goes through, subject to regulatory approval, 
Bank Sarasin Europe S.A. and Crédit Agricole Luxembourg are scheduled
to merge by mid-2008. This gradual process will allow business to 
continue as usual and enable the two companies' teams to amalgamate 
under optimum conditions. Moreover, customers will keep their 
existing banking relationship officers.
Crédit Agricole Luxembourg continues to grow in line with the Crédit 
Agricole Group's strategy of expanding in Europe's leading private 
banking markets
Jean-Frédéric de Leusse, head of Group International Development at 
Crédit Agricole S.A., said: "By acquiring Bank Sarasin Europe S.A., 
the Crédit Agricole Group is strengthening its private banking 
business in Europe and putting Crédit Agricole Luxembourg among the 
top five private banks in the Grand Duchy of Luxembourg, measured by 
assets under management". Crédit Agricole Luxembourg will leverage 
its size - post-merger, it will have 15 billion euros under 
management - and its skill centres to offer Bank Sarasin Europe S.A. 
customers and employees attractive products and services, and 
exciting development prospects.
Looking beyond Luxembourg, the acquisition is part of the Crédit 
Agricole's strategy of expanding into the major private banking 
markets in Europe: the Group already has leadership positions in 
Switzerland and Monaco.
Bank Sarasin puts focus on its growth strategy
In line with its growth strategy, Bank Sarasin & Co. Ltd continues 
its geographical expansion into growth markets outside of Europe, 
especially in Asia and the Middle East. The sale of its Luxembourg 
subsidiary Bank Sarasin Europe S.A., with 2.4 billion Euros under 
management, to Crédit Agricole Luxembourg, is a further step in this 
direction. "We are delighted to have found in Crédit Agricole the 
ideal partner to carry out this transaction. Selling our private 
banking activities in Luxembourg will give us the financial leeway we
were looking for in order to continue our  geographical expansion 
into other target markets", said Joachim H. Straehle, CEO of Bank 
Sarasin & Co. Ltd.
Bank Sarasin & Co. Ltd emphasises that the deal does not affect its 
existing agreements with other banks. Furthermore, the Luxembourg 
domiciled investment fund business is not part of the transaction.
For further information:
Crédit Agricole S.A.
Alain Berry - Telephone: +33 (0)1 43 23 59 44 - e-mail: 
alain.berry@credit-agricole-sa.fr
Anne-Sophie Gentil - Telephone: +33 (0)1 43 23 37 51 - e-mail: 
anne-sophie.gentil@credit-agricole-sa.fr
Banque Sarasin & Co. Ltd
Harald Melzer, Corporate Communications, Media Relations
Telephone: +41 (0)61 277 70 48 - e-mail:  harald.melzer@sarasin.ch
end of announcement                               euro adhoc 16.05.2007 07:15:36

Further inquiry note:

Benedikt Gratzl, Head of 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

Plus de actualités: Bank J. Safra Sarasin AG
Plus de actualités: Bank J. Safra Sarasin AG