EANS-Adhoc: Bank Sarasin + Co. Ltd / Merger between Bank Sarasin and Bank J. Safra (Switzerland) to form Bank J. Safra Sarasin, a unique international provider of financial services, with strong capit

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Mergers - Acquisitions - Takeovers
28.01.2013

J. Safra Sarasin Holding Ltd, Bank Sarasin & Co. Ltd and Bank J.
Safra (Switzerland) Ltd today announced that their respective Boards
of Directors have approved the merger of the two banks, and that Bank
J. Safra Sarasin Ltd will be the new name of the merged bank. The
head office of Bank J. Safra Sarasin will be in Basel, and Joachim H.
Straehle, Chief Executive Officer of Bank Sarasin, will remain the
Chief Executive Officer of the merged bank. Bank J. Safra Sarasin
will continue to follow Bank Sarasin's existing business strategy,
and position itself as a sustainable international provider of
financial services.

J. Safra Sarasin Group is represented worldwide in 30 locations in
Europe, Asia, the Middle East and Latin America, managing clients'
assets of approximately CHF 130 billion and employing around 2,140
people. The BIS Tier 1 ratio of J. Safra Sarasin Holding is currently
over 20%.

The merger of the two banking organizations is being undertaken
seamlessly to assure the consistency in the relationships which both
Safra and Sarasin maintain with their clients. Bank J. Safra Sarasin
will move forward as a strongly capitalized bank in international
wealth management, highly focused on its clients, quality of service,
innovation skills, solidity and stability.

Bank J. Safra Sarasin will enable both Safra and Sarasin to
capitalize on their respective brand strengths, and the merger
underscores the complimentary attributes of Safra and Sarasin with
respect to clients, global private banking, operations, and corporate
governance. Sarasin and Safra have enjoyed similar success in
international private banking, having both built up very solid
capital bases, established modern corporate structures and a shared
focus on protecting and preserving client wealth, while at the same
time assuring continuity in client relationships.

Jacob J. Safra, Vice-Chairman of J. Safra Sarasin Holding and Member
of the Board of Directors of Bank Sarasin, said: "We are very
confident in the strengths of the combined Bank J. Safra Sarasin and
its capabilities to serve its clients and to grow its business
conservatively. We have in place a highly experienced and committed
private banking management team which knows how to build upon the
strengths of Bank J. Safra Sarasin for the benefit of clients and the
long-term potential of the organization."

Joachim H. Straehle, Chief Executive Officer, stated: "I am delighted
that the Safra family has made possible this extremely promising
strategic move. As a financially strong and sustainable Swiss private
bank, Bank J. Safra Sarasin is well positioned to be a prominent
player in both the Swiss financial centre and also in all global
markets, consistent with the needs of our clients. As a family-owned
business, the Bank's stability and long-term approach are key
attributes that help create a very solid foundation of trust for our
clients."

Mr. Joseph Safra will be the Chairman of J. Safra Sarasin Group. The
members of the Board of Directors of Bank J. Safra Sarasin will be:
Pierre-Alain Bracher, Hans-Rudolf Hufschmid, Jacob J. Safra, Sipko N.
Schat, Philippe Dupont, Dagmar G. Woehrl and Sergio A. Penchas. The
Bank's new Executive Committee will comprise CEO Joachim H. Straehle,
Marcelo Szerman, Burkhard P. Varnholt, Eric G. Sarasin, Enid Yip,
Elie Sassoon, Edmond Michaan, Thomas A. Mueller and Daniel Belfer.
Current members of Bank Sarasin's Executive Committee Fidelis M.
Goetz and Peter Sami are stepping down. Bank Sarasin's Board of
Directors would like to thank them for their loyal service on behalf
of the company over the years.

The merger will be implemented once the squeeze-out proceedings
currently being carried out have been completed, which is expected to
take place in the second quarter of 2013, and is subject to final
approval by the competent authorities.

In order to provide a shared brand for the markets under which the J.
Safra Sarasin Group operates, Banque Safra-Luxembourg, Banque J.
Safra (Monaco) S.A., Bank J. Safra (Gibraltar) Ltd., Safra
International Bank and Trust Ltd. and Bank Sarasin AG will change
their names following approval by the relevant authorities. They will
become Banque J. Safra Sarasin (Luxembourg), Banque J. Safra Sarasin
(Monaco) S.A., Bank J. Safra Sarasin (Gibraltar) Ltd., Bank J. Safra
Sarasin (Bahamas) Ltd. and Bank J. Safra Sarasin (Germany) AG,
respectively.

Safra Group The Safra Group is a highly regarded name in global
private banking with a successful long standing history. Safra banks
include J. Safra Sarasin Holding and subsidiaries, Banco Safra and
Safra National Bank of New York, all built on strong financial
foundations. As of December 2012, the Safra Group had aggregate
stockholder equity of approximately USD 12.9 billion and total assets
under management of USD 200 billion. The Safra banks are in 156
locations worldwide, and have over 7,700 employees.

J. Safra Sarasin Group - Sustainable Swiss Private Banking since
1841. As an international group committed to sustainability and well
established through its banks in 30 locations in Europe, Asia, the
Middle East and Latin America, J. Safra Sarasin Group is a global
symbol of private banking tradition, emphasizing security and
well-managed conservative growth for clients. At the end of December
2012 it managed total client assets of approximately CHF 130 billion
and employed around 2,140 staff, with stockholder equity of
approximate CHF 3.4 billion.

Further inquiry note:
Benedikt Gratzl
Media Relations
T: +41(0)61 277 70 88
Benedikt.Gratzl@sarasin.ch

Franziska Gumpfer-Keller
Media Relations
T: +41 (0)44 213 97 35
franziska.gumpfer@sarasin.ch

end of announcement euro adhoc
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issuer: Bank Sarasin + Cie AG
Elisabethenstrasse 62
CH-4002 Basel
phone: +41 (61) 277 77 77
FAX: +41 (61) 272 02 05
mail: info@sarasin.ch
WWW: www.sarasin.ch
sector: Banking
ISIN: CH0038389307
indexes: SPIEX, SPI ex SLI
stockmarkets: official dealing/general standard: SIX Swiss Exchange
language: English