J. Safra Sarasin Group has decided to cease offering private banking services in Germany following completion of a strategy review of the business.
The group offered private banking services in Germany through its local entity Bank J. Safra Sarasin (Deutschland).
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The company in its press statement said decision was prompted by the lack of critical mass of the business, which accounted for less than 1% of its assets under management.
However, the group will retain its institutional and wholesale business (ICWS) in Germany.
To operate its ICWS business, J. Safra Sarasin Group has established a branch of Banque J. Safra Sarasin (Luxembourg).
“With this new structure, J. Safra Sarasin Group reaffirms its commitment and confidence in the German market,” the press statement added.
