Safra will acquire a majority shareholding in Bank Sarasin & Co (46.07% equity interest and 68.63% voting rights) at a price of CHF 7.20 per A registered share and CHF 36.00 per B registered share.
The deal will provide Sarasin with additional distribution channels for its products as well as access to new growth markets.
Safra Group chaiman Joseph Safra said it is a privilege to make this investment in Sarasin, reflecting Safra’s commitment to, and confidence in, the strength, reputation and quality of Sarasin’s banking business, its people, clients and future business potential.
"The origins of Sarasin and Safra are very similar. Each is characterized by a successful banking history that dates back to the mid nineteenth century," added Safra.
Rabobank Group member of executive board Sipko Schat said their successful monetization of their stake demonstrates the enhanced value of Sarasin that has been created and its attractive long-term potential. They are most pleased that Sarasin will be able to further realize this potential with Safra as its major shareholder.
The transaction is subject to approval and clearance by the competent authorities in Switzerland and abroad.
