Brazil’s Safra Takes Majority Stake in Swiss Bank

Brazil’s Safra Group agreed to acquire from Rabobank a majority position in Switzerland’s Bank Sarasin. Safra does not disclose the total value or the number of shares involved, but says it acquires a 46.07% equity interest and 68.63% of the voting rights, paying an all-cash price of CHF7.20 for class A shares and CHF36.00 for class B shares. Sarasin’s total shareholder equity stands at CHF1.2bn ($1.3bn) as of 1H2011, according to bank documents. Safra officials declined to give any additional specifics regarding valuation or the advisors involved in the deal. Officials for Rabobank and Sarasin say the deal allows Sarasin to further focus on its private banking business in Europe, the Middle East and Asia.