FINMA, the Swiss financial regulatory body, has approved Brazil-based Safra Group’s acquisition of Rabobank’s majority interest in Switzerland’s Bank Sarasin, as previously reported.

The transaction is expected to close by the end of July 2012, pending remaining approvals by some international regulatory bodies, Sarasin said in a statement last week.

“The Safra Group expects the new Board of Directors of Bank Sarasin & Co to be composed of Mrs Dagmar Woehrl, Messrs Pierre-Alain Bracher, Philippe Dupont, Hans-Rudolf Hufschmid, Sergio Penchas, Jacob Safra, Sipko Schat and Marcelo Szerman,” the bank said.

As announced last week, Christoph Ammann, chairman, and Peter Derendinger, board member, will resign from Bank Sarasin’s board when Safra’s purchase of Rabobank’s stake in the Swiss bank has gone through. Ammann and Derendinger, the independent members of the board, are expected to step down next month when the deal is predicted to be completed.

Safra announced its intention to acquire Rabobank’s shares in Sarasin last year.