Of Special Interest
- Financial wellness affects half of peoples’ mental or physical health, finds report
- Study finds traditional financial institutions embrace Fintech disruption
- Grass is greener for environmentally friendly businesses, finds Barclays
- Prospective homeowners would consider a 40-year mortgage to escape renting, finds Santander
- Millennials’ needs are changing the face of banking industry, says new report
- FS is putting consumer data at risk by failing to protect mobile apps, says Arxan
- A lack of belief in their ability holds 28% women back in work, says Cambridge & Counties
- ‘Which?’ reveals Scotland has lost over a third of its bank branches in eight years
- Next downturn unlikely to be as bad as 2008, according to S&P
- FCA reveals findings from first cryptoassets consumer research
- US consumers favour single mobile app for banking and payments
- Banks suffering major IT shutdowns every day, ‘Which?’ reveals
- The US will be a key offshore centre in 2019, says GlobalData
- Debit industry changes markedly in 10 years of the Debit Issuer Study
- UK's ‘Big Five’ face ‘too big to compete’ as small challengers secure stellar returns
- Banks as vulnerable now as before crash, says new study
- Leverage ratio a constant conundrum for European and US banks, says SNL
8th November 2011
Bidding warms up for Sarasin stake
SonntagsZeitung reports that Julius Bär has upped its bid for the 46% stake in Bank Sarasin owned by Rabobank and that the Swiss Raiffeisen bank may also bid for the stake.
The price offered by Julius Bär is not known, however the newspaper reports that the bank has raised its offer and the new offer is all cash as opposed to the original mix of cash and paper. The Swiss Raiffeisen bank (not to be confused with the Austrian bank of the same name) is also reported to be interested in acquiring the stake. Rabobank is expected to reach a decision by month end. Rabobank and Raiffeisen both have Cooperative movement roots and it is possible that Rabobank may look more favourably on a Raiffeisen offer even if for a lower amount. Another factor Rabobank may take into account is that the existing Sarasin workers would prefer a Raiffeisen acquisition of the stake. The staff believe there will be large scale redundancies if Bär is successful whilst much fewer if Raiffeisen is successful. This is because Julius Bär is another private bank with significant overlap in branches whilst Raiffeisen is a retail bank with private banking activity and less overlap.
Sarasin is Switzerland's fifth private bank with CHF106bn (€87bn £75bn $120bn ¥9.3tr Y758bn) of assets under management.