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August 1, 2012updated 04 Apr 2017 3:37pm

Safra completes Sarasin buy-out

Safra Group has completed its acquisition of Rabobanks majority stake in Bank Sarasin and has launched its offer for publicly held registered B shares of Bank Sarasin at CHF27.00 (US 27.66) per share. The Brazilian banking group now holds 50.15% of the share capital, and has 71.01% of the voting rights of Sarasin following completion of the sale on 31 July 2012.

By Lizabeth Davis

Safra Group has completed its acquisition of Rabobank’s majority stake in Bank Sarasin and has launched its offer for publicly held registered B shares of Bank Sarasin at CHF27.00 (US 27.66) per share.

The Brazilian banking group now holds 50.15% of the share capital, and has 71.01% of the voting rights of Sarasin following completion of the sale on 31 July 2012.

JSH S.A. Luxembourg, a Safra subsidiary is expected to make the offer for the remaining B shares on August 20 2012.

The offer is expected to be opened for acceptances from 4 September 2012 to 17 September 2012.

 

Amendment to board of directors

Safra’s acquisition of Sarasin, which was approved by Swiss financial regulator, FINMA has led to a reorganisation of the Swiss bank’s board of directors.

Pierre-Alain Bracher was elected as chairman and Hans-Rudolf Hufschmid was appointed vice-Chairman.

Philippe Dupont, Sergio Penchas, Jacob J. Safra, Sipko N. Schat, Marcelo Szerman and Dagmar G. Woehrl have also joined the new board of directors.

Former board members, Chairman Christoph Ammann, Peter Derendinger and Pim W. Mol all stepped down from their positions.

 

Sarasin H1 2012 results

Sarasin reported a decline in pre-tax profits in its private banking segment in its H1 2012 results. The Swiss bank said that profits dropped 41.7% from CHF48.3m in June 2011, to CHF 28.2m in the first half of 2012.

Operating income also dropped 10.4% to CHF174.8m from CHF195.1m in the first half of 2011.

Net new money stalled dramatically in the first half of the year to CHF100m from CHF2.1bn in June 2011.

It said that assets under management rose 1.2% to CHF43.4m in the first half of the year compared to CHF45.6m the year before.

 

Related stories

Safra gets FINMA approval for Sarasin’s buy-out

Sarasin Group suffers profit dip

Brazil’s Safra beats Baer to buy Sarasin stake

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