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Sarasin, Safra Announce Board Shakeup As Merger Plans Proceed
Bank Sarasin, the Switzerland-based firm which is now majority-owned by Brazil-owned Bank J Safra (Switzerland), has reorganised its executive committee to implement a merger process. Joachim Straehle is stepping down as chief executive of Bank Sarasin & Co to pursue other interests.
In a statement yesterday, Bank Sarasin said the board of directors has appointed Edmond Michaan, an experienced private banking executive, as new CEO and Eric Sarasin, the head of the private banking division, promoted to deputy chief executive. Michaan presently serves as CEO of Bank Safra (Switzerland). Bas Rijke, head of Bank Sarasin's Geneva Branch, and Christian Gmunder, chief operating officer for private banking, will become members of the bank's executive committee.
“The combination of Messrs Michaan and Sarasin, together with the enhanced executive committee, positions the bank with leadership that is fully familiar with both the Sarasin and Safra banking philosophy and tradition,” the statement said.
“As a result of the changes, Joachim Straehle is stepping down to pursue other interests,” the statement said.
“The new executive committee will continue our successful strategy based on sustainable investing for clients as we move forward in growing the bank's business globally for both private and institutional clients, capitalising on Sarasin's existing strength in the Swiss, Asian and Middle Eastern markets, complemented by Bank J Safra's presence in additional growth regions such as the Americas and Europe. We look forward to continued success for J Safra Sarasin following the completion of the merger,” Jacob Safra, board member, said in the statement.
After the merger is complete, and subject to approval from FINMA, the Swiss regulator, the Bank J Safra Sarasin executive committee will be composed as follows:
Edmond Michaan, Chief Executive Officer.
Eric G. Sarasin, Deputy Chief Executive Officer.
Daniel Belfer, Head of the Trading and Treasury Division.
Christian Gmünder, Chief Operating Officer.
Thomas A. Mueller, Chief Financial Officer.
Bas Rijke, Head of Private Banking, Region 1.
Elie V. Sassoon, Head of Private Banking, Region 2.
Enid Yip, Head of Private Banking, Region 3.
Marcelo Szerman, Head of the Corporate Center & Logistics Division.
Burkhard Varnholt, Head of the Asset Management, Products & Sales Division.
