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January 29, 2013updated 04 Apr 2017 3:29pm

Bank Sarasin and Bank Safra finalise powerhouse merger

Brazil’s Safra Group has announced its final merger with Bank Sarasin after it acquired the Swiss bank in November 2011.

By Elsa Buchanan

Brazil’s Safra Group has announced its final merger with Bank Sarasin after it acquired the Swiss bank in November 2011.

Private bank Sarasin, formerly controlled by Netherland-based Rabobank, was bought in a deal valued at CHF1bn ($1.09bn) in November 2011.

Safra acquired Rabobank’s controlling stake in the Basel-based bank, equivalent to 46% of the capital and almost 69% of the voting rights.

The Swiss Financial Markets Authority (FINMA), the Swiss financial regulator, approved Safra Group’s bid to buy Rabobank’s majority stake in Bank Sarasin in June 2012.

 

Powerhouse merger: $140bn AuMs

The merger will form Bank J. Safra Sarasin with assets under management of CHF130bn – lifting it into the top 25 global private banks in terms of asset size.

Bank J. Safra Sarasin is based in 30 locations in Europe, Asia, the Middle-East and Latin America.

A statement released by Bank Sarasin said the new bank’s head office will be based in Basel, and Bank Sarasin CEO Joachim H. Straehle will remain CEO of the merged bank.

Bank J. Safra Sarasin will continue to follow Bank Sarasin’s existing business strategy, and position itself as a sustainable international provider of financial services.

 

New addition to the Safra Group

The Safra Group includes J. Safra Sarasin Holding and subsidiaries, Banco Safra and Safra National Bank of New York.

The Brazilian Safra Group had aggregate stockholder equity of $200bn to 31 December 2012, and has 7,700 staff.

 

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