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Sarasin not to increase NZB stake further.

Global Banking News-3 November 2009-Sarasin not to increase NZB stake further(C)2009 ENPublishing -

Global Banking News - 03 November 2009(c)2005 - Electronic News Publishing -

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.

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Publication:Global Banking News (GBN)
Date:Nov 3, 2009
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