Pending the remaining approvals by some international regulatory bodies, the transaction is expected to close by the end of July 2012.
The Safra Group expects the new board of directors of Bank Sarasin to be composed of Dagmar Woehrl, Messrs. Pierre-Alain Bracher, Philippe Dupont, Hans-Rudolf Hufschmid, Sergio Penchas, Jacob Safra, Sipko Schat and Marcelo Szerman.
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Joachim Straehle, CEO of Bank Sarasin, remarked, "As majority shareholder, Safra Group will give us a strong capital base plus a firm commitment to our growth strategy and foresighted business model.
"This will reinforce our strong position as an independent Swiss private bank and our established Sarasin brand," he further added.
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