Brazilian bank Safra recently announced the completion of its acquisition of the Swiss private bank, Sarasin.
The stakes in Sarasin were originally owned by Dutch cooperative Rabobank and the transaction was agreed in November 2011.
Sipko Schat, a member of the Rabobank's executive board stated: "Our decision to sell our shares in Sarasin reflects our international strategy to concentrate on our food and agricultural clients and serving our Dutch clients internationally. We are delighted to have placed Sarasin in the strong and capable hands of the Safra Group. Through this process, we have come to highly value the quality and business strengths of the Safra Group, with whom we aim to strengthen our relationship going forward."
On 20 August, the Safra Group launched a public tender for all publicly-held registered B class shares of Bank Sarasin & Cie AG. On 8 October, Safra reported that by the end of the offer period, an offer by the group was tendered for 30,480,047 B class shares, corresponding to 97.45% of the 31,277,654 B class shares to which the offer relates.
There is a special focus in the structured products department at Sarasin to allow synergies in the retail business, and the department should be transferred to the Sarasin trading and family office by the beginning next month.
A source at Sarasin told SRP: "Safra has shown its unequivocal support for the strengths and capabilities of our bank and our business model, and has stated that it intends to push ahead with the current strategy under the existing management and brand. In order to strengthen our trading and treasury activities, it has now been decided to combine the business of the Sarasin Group and the companies of J. Safra Holding AG in these areas and thus to join forces. In this connection, our positioning in the structured products business will be strengthened."