FINMA, the Swiss financial regulator, has
approved Brazilian Safra Group’s bid to buy Rabobank’s majority
stake in Bank Sarasin.
The deal is expected to close before the end
of July 2012.
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“I am very happy about the FINMA approval. As
majority shareholder, Safra Group will give us a strong capital
base plus a firm commitment to our growth strategy and foresighted
business model,” said Bank Sarasin CEO, Joachim H. Straehle.
Sarasin board shake-out
The acquisition, which still needs to be
approved by international regulatory bodies, will require a
reorganisation of Sarasin’s directory board.
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By GlobalDataSafra Group said it expects its vice-chairman
Jacob Safra, together with Pierre-Alain Bracher, Philippe Dupont,
Sergio Penchas, and Marcelo Szerman to be part of the new board of
directors.
Of the existing members, just Dagmar G.
Woehrl, Hans-Rudolf Hufschmid and Sipko N. Schat will be asked to
stay while the chairman Christoph Ammann, Peter Derendinger and Pim
W. Mol will leave place for the new arrivals.
A $1bn deal
The purchase, agreed in November 2011 for
CHF1.04bn ($1.08bn), will give Safra a 46% equity interest and 69%
voting rights.
Safra Group agreed to pay Dutch cooperative
Rabobank CHF36 each for Sarasin’s B shares and CHF7.20 each per
A-registered share.
Sarasin’s shares, which are listed on SIX, the
Swiss stock exchange, were last traded at CHF26.50.
The Swiss bank has a total of CHF96.4bn in
assets under management.
The buy-out will see Safra strengthen its
private banking presence in Switzerland and Europe, and will add
Middle East and Asia to the bank’s markets.
