Tous Actualités
Suivre
Abonner Bank J. Safra Sarasin AG

Bank J. Safra Sarasin AG

euro adhoc: Bank Sarasin + Cie AG
Joint Ventures/Cooperation/Collaboration / Bank Sarasin and AIG Private Bank set up a new bank catering to affluent clients

  Disclosure announcement transmitted by euro adhoc. The issuer is responsible
  for the content of this announcement.
Plant Openings
09.07.2007
Basel/Zurich, 9 July 2007 - The Swiss financial services industry is 
about to welcome a newcomer: a bank dedicated to providing clients 
with investment and savings solutions. Bank Sarasin & Co. Ltd and AIG
Private Bank Ltd. plan to combine their direct business with affluent
clients and their business with independent financial providers - but
not with the external asset managers - to form a new bank. This new 
financial institution will initially have over 235,000 clients in 
Switzerland, Germany and Austria and will manage assets of 
approximately CHF 8 billion. The bank is due to start business by the
end of 2008 at the latest, once the relevant approvals have been 
obtained from the Swiss Federal Banking Commission (SFBC). Last 
weekend Bank Sarasin and AIG Private Bank signed a letter of intent 
for the new collective banking venture. Bank Sarasin will own a 57.5%
stake in the new bank, and AIG Private Bank 42.5%. The name and 
location of the new bank are still to be decided. Splitting off the 
business with affluent clients with assets of up to CHF 500,000 will 
allow Bank Sarasin and AIG Private Bank to concentrate on their core 
business. "We are very excited about the prospect of working with our
partner AIG Private Bank to build up a bank dedicated to providing 
investment and savings solutions", says Joachim H. Straehle, CEO of 
Bank Sarasin. "At the same time, this transaction offers clear 
benefits in the form of additional assets under management growth and
greater cost efficiency." Joachim Straehle and Eduardo Leemann, 
Chairman of AIG Private Bank, will both sit on the supervisory board 
of the new bank. Eduardo Leemann comments on the plans for the new 
bank: "The affluent client businesses that both companies will be 
contributing to the new venture complement each other perfectly. The 
new bank will benefit from Bank Sarasin´s strong positioning in 
Switzerland and Austria and from our highly developed network in 
Germany." Market leader with over 235,000 clients and CHF 8 billion 
assets under management With over 235,000 clients based mainly in 
Switzerland, Germany and Austria, the new bank will manage assets of 
approximately CHF 8 billion. In its first year of business, the new 
bank is expected to earn gross income of around CHF 100 million. 
Marco Weber (Bank Sarasin) will be CEO of the new bank, and Niklaus 
Siegrist (AIG Private Bank) his deputy. The new bank will start off 
with around 100 employees recruited from the relevant business units 
in both banks. No redundancies are expected, in view of the excellent
growth prospects. Clear growth targets The new company not only plans
to grow its business in Switzerland and neighbouring Europe, but also
wants to expand into eastern Europe especially. Bank Sarasin and AIG 
Private Bank anticipate around 4,000 new accounts will be opened 
every month. "The new bank will foster and extend the excellent 
relationships that Bank Sarasin and AIG Private Bank have already 
built with independent financial service providers. We are confident 
that we will become an even better and more attractive partner for 
them", says Marco Weber, CEO Designate of the new bank. To fully 
exploit the synergy potential and available know-how, the existing 
systems and services of Bank Sarasin and AIG Private Bank will be 
used in the areas of Trading, Operations and IT. This will also help 
to keep down the operating costs for the new bank.
For more information please contact
Bank Sarasin & Co. Ltd:
Benedikt Gratzl, Head Corporate Communications
Telephone +41 (0)61 277 70 88   E-Mail:  benedikt.gratzl@sarasin.ch
AIG Private Bank Ltd.:
Roger M. Fuchs, Head Marketing & Communications
Telephone +41 (0) 44 227 57 42  E-Mail:  roger.fuchs@aigpb.com
Important information:
Full details of the new venture will be presented at a Media and 
Analysts Conference. This conference will be held on 9 July 2007 at 
10:15 a.m. in the Hotel Hyatt, Beethoven-Strasse 21, CH 8002 Zurich.
Please note the respective invitation.
end of announcement                               euro adhoc 09.07.2007 06:35:28

Further inquiry note:

Dr. Benedikt Gratzl
Head 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