BASEL, Switzerland, July 31, 2012 /PRNewswire/ -- Safra today announced the successful closing of its previously announced acquisition of Rabobank's stake in Bank Sarasin & Co. Ltd. As a result of the closing, Safra now holds 50.15% of the share capital and 71.01% of the voting rights of Bank Sarasin.
Joseph Y. Safra stated: "We are proud to have completed this transaction and be the majority owners of Bank Sarasin. Sarasin is a highly regarded banking organization, led by a strong and knowledgeable management team. It has a deservedly loyal client base, underscoring the expertise of the entire Sarasin organization and embodied in the success of the Sarasin brand. All of these elements are essential to our interest in, and confidence about, Sarasin. We also thank Rabobank for their constructive support since we announced our transaction last November."
The closing follows the transaction obtaining all appropriate competition and regulatory approvals in the applicable jurisdictions.
For further information:
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Robert Siegfried, +1-212-521-4832 / +1-917-842-1126 | e-mail: firstname.lastname@example.org
Jeremy Fielding, +1-212-521-4858 / +1-646-644-4825 | e-mail: email@example.com
Mark Semer, +1-212-521-4802 / +1-917-439-3507 | e-mail: firstname.lastname@example.org
The Safra Group is a highly regarded name in global private banking with a successful long standing history. Safra banks include Banco Safra, Banque J. Safra (Suisse), Banque J. Safra (Monaco), Banque Safra Luxembourg, Bank J. Safra (Gibraltar), Safra National Bank of New York and Safra International Bank and Trust, all built on strong financial foundations. As of December 2011, the Safra Group had aggregate stockholder equity of approximately USD 12 billion and total assets under management of USD 101 billion. The Safra banks are in 125 locations worldwide, and have over 6,300 employees.
SOURCE Safra Group