Of Special Interest


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14th October 2011

Rabobank in talks to sell stake in Sarasin

Bank Sarasin confirmed rumours that Rabobank Groep were holding talks with various interested parties regarding the sale of all or part of its majority stake in Bank Sarasin. The statement emphasised that no decision had yet been made to sell any of the stake. Rabobank owns 46.1% of total equity however has 68.6% of voting rights according to Bloomberg information. Sarasin is Switzerland's fifth largest wealth and private bank with CHF106bn (€86bn £75bn $118bn ¥9.1tr Y751bn) of assets under management.

Interested buyers are known to include Julius Bär and Sarasin's own management are believed to have previously discussed a MBO proposal with Rabobank. The effective ending of Switzerland as a tax haven and need to establish branches outside of Europe is creating pressure for Swiss private banks to merge. The possible sale of the Rabobank stake caused the share price to jump by 20%.