Swiss private lender Bank Sarasin has reported CHF177m ($177m) profit for the year ending December 2012, a 36% jump from CHF125m year-on-year.
Sarasin’s annual report said the bank managed total client’s assets of CHF130bn in 2012 up 34.8% from CHF96.4bn in 2011. This was due to the acquisition of Bank Sarasin, now included into the consolidated figures of the Holding.
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The bank also revealed that it has stockholder equity of CHF3.3 billion for the year 2012 and its BIS Tier 1 ratio (defined as core capital as a percentage of risk-weighted assets) is over 20%.
The Swiss bank in its annual report said that the preparations for the merger of Bank Sarasin and Bank J. Safra (Switzerland) under the name Bank J. Safra Sarasin are advancing well and that the merger will be completed before the end of the second quarter of 2013.
Jacob Safra, vice-chairman of J. Safra Sarasin Holding and member of the Board of Directors of Bank Sarasin, said:
"The completion of the acquisition of Bank Sarasin and the contemplated merger to J. Safra Sarasin will bring together a strong team of experienced private bankers with all necessary capabilities to serve its clients and to grow its business conservatively".
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By GlobalData"I am looking forward to a prosperous 2013 and the continuation of our growth strategy on our way to becoming part of world’s Top 20 in global private banking," he added.
