Bank Sarasin & Co. Ltd, a leading Swiss private bank with a strategic presence in the region through the DIFC-domiciled Bank Sarasin Alpen (ME) Ltd, expects to achieve a double-digit growth rate in the GCC in 2007, building further on the extraordinary growth the bank’s Middle East subsidiary has witnessed since its inception in the region 18 months ago.
Joachim H. Straehle, CEO and Chairman of the Executive Committee of Bank Sarasin & Co. Ltd, who is currently on a visit to Dubai to appraise the bank’s Middle East subsidiary’s performance and meet some of the private bank’s ultra high net worth clients in the region to further bolster the bank’s presence, expressed optimism in the bank’s regional operations, reinforcing the bank’s focus on regional economies. “The Middle East is one of the fastest growing markets for the bank,” he confirmed.
“This is Straehle’s second visit to the UAE in three months, testimony to the importance that the bank accords to the region,” said Rohit Walia, Bank Sarasin Alpen (ME) Limited’s Managing Director and CEO.
“The bank has clocked a remarkable growth rate in the region since its establishment, especially after we moved our base to the DIFC, which has proved to be the perfect springboard from which to launch our operations throughout the GCC,” added Walia. Straehle will be in Dubai for three days and will be meeting the bank’s clients from all across the region. Apart from the UAE, the bank has been active in the region, and has plans for expanding into Saudi Arabia, Oman, Qatar and India before the end of this year.
The global CEO’s visit comes just a few days after the important announcement of Rabobank, the world’s only AAA-rated private bank, exercising its option to acquire all outstanding Sarasin class A shares held by Eichbaum Holding Ltd. Rabobank has thus become the majority shareholder of Sarasin with a 46 per cent stake in its equity capital and 69 per cent of its voting rights.
Commenting on that development, Straehle said: “From our strong Swiss home base, we will continue to implement our strategy of gaining market share in the Middle East, Asia, Europe and UK, as well as in other high-potential markets. We are convinced that stronger cooperation with Rabobank will help
us to reach these ambitious targets. Besides organic growth, we are also looking for selected acquisitions and opportunities for cooperation. In both areas, we will benefit from Rabobank’s sound reputation and its strong international network.”
About Bank Sarasin-Alpen (ME) Limited
Bank Sarasin Alpen (ME) Limited is a subsidiary of Bank Sarasin & Co. Limited. Apart from the UAE, the bank has an active presence in Kuwait, Qatar and Bahrain within the GCC, and has plans for expanding into Saudi Arabia, Oman and India before the end of 2007. Bank Sarasin-Alpen (ME) Limited provides advisory on investments and markets Bank Sarasin’s full range of Financial Services in the region, including personal advice in financial investments, customised structured notes on UAE / emerging markets / India, AAA-rated capital guarantee by Rabobank, investments into Global Real Estate Investment Trusts (REITs) and award-winning Sarasin Funds. For more information on Bank Sarasin-Alpen (ME) Limited please visit www.sarasin-alpen.com
About Bank Sarasin & Co. Ltd
Founded in 1841, Bank Sarasin is today one of Switzerland’s leading private banking institutions. Its sustainable success is based on trust, confidentiality, expertise and dedication. Bank Sarasin’s core activities include investment advisory and asset management services for private and institutional clients, as well as an investment funds business. Its complementary services extend to corporate finance, brokerage and financial analysis. The Sarasin Group - headquartered in Basel, Switzerland – employs over 1,100 staff. In addition to its headquarters in Basel, the Bank has offices in Zurich, Geneva and Lugano in Switzerland. Internationally, the Sarasin Group has offices in Dubai, Guernsey, Hong Kong, London, Luxembourg, Munich, Paris and Singapore. Bank Sarasin is a limited company. Its shares are listed on the Swiss Stock Exchange, SWX. Its strategic partner Rabobank is the only bank in the world without a state guarantee that enjoys a triple-A rating. For more information on Bank Sarasin & Co. Ltd, please visit www.sarasin.com
