The agreement is anticipated to improve Safra’s private banking in Switzerland, Europe, the Middle East and Asia.
The deal will offer Sarasin with additional distribution channels for its products as well as access to new growth markets.
Safra Holding vice chairman Jacob Safra said, "We have confidence in the management team led by Joachim Straehle and the long-term potential of Sarasin’s business strategy, and we appreciate the value of the Sarasin brand."
Bank Sarasin CEO Joachim Straehle said that the new composition of the company’s shareholder structure strengthens its position as an independent Swiss private bank.
"Safra not only creates stability but allows us to continue to pursue our growth strategy, which is based on a long-term business model," Straehle said.
