euro adhoc: Bank Sarasin + Cie AG / Joint Ventures/Cooperation/Collaboration / Bank Sarasin and AIG Private Bank set up a new bank catering to affluent clients

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Disclosure announcement transmitted by euro adhoc. The issuer is responsible
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Plant Openings

09.07.2007

Basel/Zurich, 9 July 2007 - The Swiss financial services industry is
about to welcome a newcomer: a bank dedicated to providing clients
with investment and savings solutions. Bank Sarasin & Co. Ltd and AIG
Private Bank Ltd. plan to combine their direct business with affluent
clients and their business with independent financial providers - but
not with the external asset managers - to form a new bank. This new
financial institution will initially have over 235,000 clients in
Switzerland, Germany and Austria and will manage assets of
approximately CHF 8 billion. The bank is due to start business by the
end of 2008 at the latest, once the relevant approvals have been
obtained from the Swiss Federal Banking Commission (SFBC). Last
weekend Bank Sarasin and AIG Private Bank signed a letter of intent
for the new collective banking venture. Bank Sarasin will own a 57.5%
stake in the new bank, and AIG Private Bank 42.5%. The name and
location of the new bank are still to be decided. Splitting off the
business with affluent clients with assets of up to CHF 500,000 will
allow Bank Sarasin and AIG Private Bank to concentrate on their core
business. "We are very excited about the prospect of working with our
partner AIG Private Bank to build up a bank dedicated to providing
investment and savings solutions", says Joachim H. Straehle, CEO of
Bank Sarasin. "At the same time, this transaction offers clear
benefits in the form of additional assets under management growth and
greater cost efficiency." Joachim Straehle and Eduardo Leemann,
Chairman of AIG Private Bank, will both sit on the supervisory board
of the new bank. Eduardo Leemann comments on the plans for the new
bank: "The affluent client businesses that both companies will be
contributing to the new venture complement each other perfectly. The
new bank will benefit from Bank Sarasin´s strong positioning in
Switzerland and Austria and from our highly developed network in
Germany." Market leader with over 235,000 clients and CHF 8 billion
assets under management With over 235,000 clients based mainly in
Switzerland, Germany and Austria, the new bank will manage assets of
approximately CHF 8 billion. In its first year of business, the new
bank is expected to earn gross income of around CHF 100 million.
Marco Weber (Bank Sarasin) will be CEO of the new bank, and Niklaus
Siegrist (AIG Private Bank) his deputy. The new bank will start off
with around 100 employees recruited from the relevant business units
in both banks. No redundancies are expected, in view of the excellent
growth prospects. Clear growth targets The new company not only plans
to grow its business in Switzerland and neighbouring Europe, but also
wants to expand into eastern Europe especially. Bank Sarasin and AIG
Private Bank anticipate around 4,000 new accounts will be opened
every month. "The new bank will foster and extend the excellent
relationships that Bank Sarasin and AIG Private Bank have already
built with independent financial service providers. We are confident
that we will become an even better and more attractive partner for
them", says Marco Weber, CEO Designate of the new bank. To fully
exploit the synergy potential and available know-how, the existing
systems and services of Bank Sarasin and AIG Private Bank will be
used in the areas of Trading, Operations and IT. This will also help
to keep down the operating costs for the new bank.

For more information please contact
Bank Sarasin & Co. Ltd:
Benedikt Gratzl, Head Corporate Communications
Telephone +41 (0)61 277 70 88 E-Mail: benedikt.gratzl@sarasin.ch
AIG Private Bank Ltd.:
Roger M. Fuchs, Head Marketing & Communications
Telephone +41 (0) 44 227 57 42 E-Mail: roger.fuchs@aigpb.com

Important information:

Full details of the new venture will be presented at a Media and
Analysts Conference. This conference will be held on 9 July 2007 at
10:15 a.m. in the Hotel Hyatt, Beethoven-Strasse 21, CH 8002 Zurich.

Please note the respective invitation.

end of announcement euro adhoc 09.07.2007 06:35:28
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ots Originaltext: Bank Sarasin & Cie AG
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:
Dr. Benedikt Gratzl
Head Corporate Communications
T.: +41(61) 277 70 88
Benedikt.Gratzl@sarasin.ch

Branche: Banking
ISIN: CH0002267737
WKN: 872869
Index: SPI
Börsen: SWX Swiss Exchange / regulated dealing


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