J. Safra Sarasin Group has decided to cease offering private banking services in Germany following completion of a strategy review of the business.
The group offered private banking services in Germany through its local entity Bank J. Safra Sarasin (Deutschland).
The company in its press statement said decision was prompted by the lack of critical mass of the business, which accounted for less than 1% of its assets under management.
However, the group will retain its institutional and wholesale business (ICWS) in Germany.
To operate its ICWS business, J. Safra Sarasin Group has established a branch of Banque J. Safra Sarasin (Luxembourg).
“With this new structure, J. Safra Sarasin Group reaffirms its commitment and confidence in the German market,” the press statement added.