Swiss private bank Bank Sarasin is to acquire a majority stake (between 51 and 60 per cent) in NZB Holding, domiciled in Zurich, subject to the approval of the authorities and existing NZB shareholders.

In 2007 Bank Sarasin sold its Swiss brokerage business to NZB Neue Zuercher Bank AG and since then has owned a 40 per cent stake in NZB Neue Zuercher Bank AG through NZB Holding.

The purpose of the acquisition is stated to be to boost the confidence of staff and clients in NZB. Bank Sarasin plans to focus the business activity of NZB Neue Zuercher Bank consistently on its brokerage operations. NZB will withdraw from the private banking business.

The parties have agreed not to disclose the purchase price.

Bank Sarasin is majority-owned by Dutch group Rabobank.