Swiss private lender Bank Sarasin has reported a profit of CHF171 million for the year that ended 31 December 2012.

In its annual report, the group said that it managed total clients assets of CHF130 billion and has over 2,100 employees at the end of 2012.

The bank also revealed that it has stockholder equity of CHF3.3 billion for the year 2012 and its BIS Tier 1 ratio (defined as core capital as a percentage of risk-weighted assets) is over 20%.

The Swiss bank in its annual report said that the preparations for the merger of Bank Sarasin and Bank J. Safra (Switzerland) under the name Bank J. Safra Sarasin are advancing well and that the merger will be completed before the end of the second quarter of 2013.

Jacob Safra, vice-chairman of J. Safra Sarasin Holding and member of the Board of Directors of Bank Sarasin, said: "2012 has been a successful and meaningful year for J. Safra Sarasin Group. The completion of the acquisition of Bank Sarasin and the contemplated merger to J. Safra Sarasin will bring together a strong team of experienced private bankers with all necessary capabilities to serve its clients and to grow its business conservatively."

"I am looking forward to a prosperous 2013 and the continuation of our growth strategy on our way to becoming part of world’s Top 20 in global private banking," he added.

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