Safra today announced its intention to launch an offer to purchase the
publicly held registered 'B' shares of Bank Sarasin & Co. Ltd, Basel,
Switzerland (Sarasin) at CHF 27.00 per share. The offer is expected to be made
on 20 August 2012 by JSH S.A.Luxembourg, a Safra entity. Subject to potential
postponements or extensions, the offer is expected to be opened for acceptances
from 4 September 2012 to 17 September 2012.
The offer follows the closing on 31 July 2012 of the previously announced
acquisition of Rabobank's stake in Sarasin by Safra. 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.
Considering the general trend toward increased capital requirements for
banks and other financial institutions, Safra expects that Bank Sarasin will,
in the future, strengthen its equity base by increasing its share capital in an
amount of approximately CHF 250 million. In addition, the dividend policy of
Bank Sarasin will be adjusted to reflect the policy applied to the companies
within Safra's European Group, which at present focuses on the full
re-investment of earnings in the development and strengthening of the business,
and will, as a result, involve eliminating distributions to shareholders,
including in 2012.
Credit Suisse is acting as financial advisor to Safra and transaction
coordinator in connection with the offer.
For further information:
Kekst and Company
(+1) 212-521-4832 / (+1) 917-842-1126
(+1) 212-521-4858 / (+1) 646-644-4825
(+1) 212-521-4802 / (+1) 917-439-3507
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.
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SOURCE: Safra Group