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.
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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.
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By GlobalDataSafra’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.
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