FINMA, the Swiss financial market supervisory authority, has approved the acquisition by the Safra Group of Rabobank's majority interest in Bank Sarasin. The transaction is expected to close by the end of July 2012, pending remaining approvals by some international regulatory bodies. The Safra Group expects the new Board of Directors of Bank Sarasin & Co. Ltd to be composed of Mrs. Dagmar G. Woehrl, Messrs. Pierre-Alain Bracher, Philippe Dupont, Hans-Rudolf Hufschmid, Sergio Penchas, Jacob J. Safra, Sipko N. Schat and Marcelo Szerman.

Jacob Safra, Vice-Chairman of J. Safra Holding AG, stated, "Safra is highly confident in Sarasin's long term potential, fully supports and has the highest regard for Sarasin's management and employees. Sarasin's business strategy, the Sarasin brand, and its successful relationships with clients are consistent with the Safra banking tradition and success."

Joachim H. Straehle, CEO of Bank Sarasin & Co. Ltd, comments, "I am very happy about the FINMA approval. As majority shareholder, Safra Group will give us a strong capital base plus a firm commitment to our growth strategy and foresighted business model. This will reinforce our strong position as an independent Swiss private bank and our established Sarasin brand. With the completion of the transaction, we can look forward to an exciting future working with Safra and with our new Board."