As part of its focus on it core private banking business Bank Sarasin is selling part of its brokerage business to NZB Neue Zürcher Bank whi...

As part of its focus on it core private banking business Bank Sarasin is selling part of its brokerage business to NZB Neue Zürcher Bank whilst taking a 20 per cent stake in Zurich-domiciled NZB Holding with an option for a further 20 per cent. Business with third-party banks is not affected by this transaction, the terms of which were not disclosed, according to a statement from the banks. “Our growth strategy, not least in the international markets, requires a clear focus on our core business. The sale of the brokerage arm will give us the leeway and, at the same time, is our response to the market consolidation being observed in this segment,“ said Joachim Straehle, Bank Sarasin chief executive. The withdrawal from the brokerage business will result in Bank Sarasin having to shed roughly 20 jobs. It is planned that a number of members of staff will be able to transfer to NZB following the transaction.