NETHRLANDS/SWITZERLAND – Dutch banking group, Rabobank, and Swiss private banking group, Bank Sarasin & Co, have entered into a strategic alliance, under the terms of which Rabobank will take a 28% stake in Basle-based Bank Sarasin, which in turn will take over the private banking activities of Rabobank.
The deal will see Bank Sarasin convert from a limited partnership with shares company structure to a pure joint stock company.
Bank Sarasin sees the deal as an opportunity to further expand its activities overseas, whilst Rabobank views the partnership as a means to build its private banking arm into a high-growth strategic business area.
Rabobank, headquartered in Utrecht and parent of Robeco, has total assets of around €360.5bn, whilst its fund management arm, Robeco has some €15bn under management worldwide.
Bank Sarasin will have SFr 56bn (€37.4bn) under management after consolidation.