Reports

Sarasin Keeps Rabobank Representative On Board Until Safra Deals Go Through

Max Skjönsberg London 28 March 2012

Sarasin Keeps Rabobank Representative On Board Until Safra Deals Go Through

Bank Sarasin, the Swiss bank, has re-elected Pim Mol, head of private banking at the Netherlands’ Rabobank, as a board member at its annual meeting of shareholders.

Mol will stay in the position until the deal which will see Rabobank selling its majority stake in Sarasin to Safra, the Brazilian banking group, is completed.

At the meeting, Sarasin also decided to defer dividend payout until the transaction has been completed and the annual profit has been allocated to the profit brought forward. The bank said last month that its operating income in 2011 was flat at SFr686.2 million ($1.1 billion).

Safra’s purchase of the Sarasin stake was initially announced in November last year, and it perplexed markets that had speculated that Julius Baer was poised to make the acquisition.

Once the deal is done, Sarasin will hold an extra meeting of shareholders ahead of its ordinary meeting a year from now.

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