Sarasin Sees Strong Profit Rise, Appoints New Chief Executive

Contributing Editor

14 February 2006

Bank Sarasin has reported a preliminary net profit of SFr115 million ($88 million) in 2005, up 39 per cent on the 2004 figure. The bank also announced the appointment of Joachim Strahle as its new chief executive. Mr Strahle joins from Credit Suisse, where he was regional head for Asia-Pacific, Middle East and Russia, and a member of the private banking management committee. Sarasin said Mr Strahle will take up his new position in September. “We are extremely pleased that Bank Sarasin was able to attract such an accomplished and internationally experienced professional,” said Georg Krayer, chairman of the board of directors at Sarasin, in a statement. The bank also said that the executive management of its private and institutional division has been run by Eric Sarasin and Marco Weber since the beginning of 2006. They took over from Peter Merian, the current chief executive of the Sarasin, who will be leaving the bank in September. The bank also said that Conrad Schwyzer, member of the group executive board, will look after the bank’s key clients and will report directly to the chief executive. On an interim basis, he will also continue to head private banking in Zurich. Detailed 2005 results of the bank are expected to be released within the next month.