Printer Friendly

Sarasin not to increase NZB stake further.

Global Banking News-3 November 2009-Sarasin not to increase NZB stake further(C)2009 ENPublishing - http://www.enpublishing.co.uk

Global Banking News - 03 November 2009(c)2005 - Electronic News Publishing - http://www.enpublishing.co.uk

Bank Sarasin & Cie AG (BSAN.EB) has said that it has no plans to increase its stake in Neue Zuercher Bank (NZB) further, adding NZB remains a financial, and not a strategic investment, reports Dow Jones.

'We don't want to increase our stake further. The move announced earlier today was a measure to calm NZB clients and staff,' said Sarasin spokesman Benedikt Gratzl. 'Once the situation stabilises, we may sell the stake again,' he added.

Earlier Tuesday, Sarasin announced plans to raise its stake in NZB to 51 percent-60 percent from 40 percent currently for an undisclosed price.

Meanhwile, Neue Zuercher Bank said that its co-founder and chief executive Officer Martin Eberhard is leaving the bank after a Swiss regulatory investigation on the bank's role in transactions involving shares of industrial company Sulzer AG (SUN.EB), the report noted.

[Editorial queries for this story should be sent to gbn@enpublishing.co.uk]

((Distributed via M2 Communications - http://www.m2.com))
COPYRIGHT 2009 Normans Media Ltd.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2009 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Global Banking News (GBN)
Date:Nov 3, 2009
Words:195
Previous Article:Western Union launches prepaid Visa gift cards.
Next Article:Intesa Sanpaolo, other banks to launch fund.
Topics:

Terms of use | Privacy policy | Copyright © 2020 Farlex, Inc. | Feedback | For webmasters