As part of the upcoming merger of Bank Sarasin and Bank J. Safra, the Bank Sarasin board of directors has appointed Edmond Michaan, an experienced private banking executive, as chief executive officer and Eric G. Sarasin, the head of the private banking division, as deputy chief executive officer.
Michaan presently serves as chief executive officer of Bank J. Safra.
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The Bank’s Board also intends to appoint Messrs. Bas Rijke, presently head of Bank Sarasin’s Geneva branch, and Christian Gmünder, currently COO private banking, as members of the executive committee.
The combination of Messrs. Michaan and Sarasin, together with the enhanced executive committee, positions the Bank with leadership that is fully familiar with both the Sarasin and Safra banking philosophy and tradition.
Joachim A. Straehle is stepping down to pursue other interests.
Pierre-Alain Bracher, chairman of the Board, said, "We have in place a new leadership team that is best for the integration of Bank Sarasin with Bank J. Safra. With the combined expertise of Messrs. Michaan and Sarasin, along with the other members of the executive committee, the merged bank has the executive capabilities, depth and expertise to provide our clients with a solid and innovative service offering and access to new growth markets, building on the shared Sarasin – Safra philosophy of a sustainable and conservative investment approach.
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By GlobalData"We would like to take this opportunity to express our gratitude to Joachim Straehle, who was instrumental in providing Bank Sarasin with important leadership during a dynamic period for the Bank and in a challenging market environment."
Jacob Safra, member of the Board, said, "The leadership provided by Messrs. Michaan, Sarasin and our new executive committee reflects the combined strong experience and skills of both Bank Sarasin and Bank J. Safra. Together they will enable our combined banking operations to focus on growth both in Switzerland and abroad, and realise attractive opportunities for our business and our clients through the enlarged J. Safra Sarasin Group.
"These appointments provide continuity of leadership, drawing on the strengths of both Bank Sarasin and Bank J. Safra. The new executive committee will continue our successful strategy based on sustainable investing for clients as we move forward in growing the Bank’s business globally for both private and institutional clients, capitalising on Sarasin’s existing strength in the Swiss, Asian and Middle Eastern markets, complimented by Bank J. Safra’s presence in additional growth regions such as the Americas and Europe. We look forward to continued success for J. Safra Sarasin following the completion of the merger."
Michaan, future chief executive officer of Bank J. Safra Sarasin, added, "We are focused on realising a successful merger and building a healthy and vibrant environment that will enable us to ensure the continued growth of the bank."
